Results 29,341-29,360 of 36,188 for speaker:Pearse Doherty

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: This amendment is not restrictive of commercial space. The problem is that if the Minister is bringing forward a section 42 which deals solely with capital gains tax for properties, excluding residential properties, that would a different debate. We are in a mess with mortgage arrears because of buy-to-let properties. People are not stupid. Prices are rock bottom and they will increase....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: They have hit the bottom in terms of the trajectory where they have fallen by 55%.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Of course, we are only playing with-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Nobody ever calls it a bubble until it bursts. I am not suggesting it is a bubble, but there is definitely an issue. There was logic in introducing this measure last year because there was next to no activity in the market. The measure aimed to encourage people to have a look-around. There is activity now, but there is also a supply issue. I agree with the Minister of State that we have...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: What about the requirement on the purchaser to farm the land?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Can they dispose of the land and obtain this relief?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: This new section provides them with the relief for the first time if they dispose of the land. I can understand it with regard to renting the land and I do not have a big issue with it, even though it moves away from the child. Before this, in disposing of the land for the first time, if it went to the child, the relief would have been available.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: In this section is there a requirement on the person who purchases the land to actually farm it?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Will the Minister of State explain that to me again?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: That is exactly my point, 100%. The relief - 90% or something like this - is available for farmers to hand over the asset to the children and not be subject to capitals gains tax. We are now extending it to cover renting to people other than the child, which is understandable because if one rents the farm, it will be farmers who will farm it. If one disposes of it - this is about...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: If I was a farmer in County Meath with a farm in the commuter belt, somebody was interested in building one or two houses on it and I was to dispose of my farm-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: I would obtain the relief, but somebody could build a couple of houses on the farm I had just sold, as happened a number of years ago.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Yes, but I have been farming it for ten years. The point is that up until now, if I was a farmer who had been farming for ten or more years and decided to hand over the farm to a child, I would have obtained this relief. It was provided to keep the farm in the family. I can now hand over the farm to anybody who can use it for any purpose, including building property, and still obtain the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Are they obtaining relief at a rate of 90% on the capital gains?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: Therefore, if small farmers in my constituency and on the west coast who have been farming for ten years or more are over 55 years, they can sell their farm to an individual to be used for any purpose and now benefit from this tax measure?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: That was my original question. How can one dispose of it and let it at the same time?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: One would have to let it for a period of time?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: I am concerned about this section. The Minister spoke earlier about where we were in respect of the market in Dublin. There is an issue with supply in that regard. Is it not fair to say the extension encourages investors to seek and buy properties because they will not be subject to capital gains tax if they meet the requirements laid down? Demand is being increased at a time when we have...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: I welcome the fact the Government will compile a report on this as it is confident that it is correct in this regard. This should be done in a joined-up approach to cover other areas in question. The question is are certain companies aggressively using mechanisms within the tax code to write down their taxable profits and, accordingly, paying a low tax rate. The suspicion is that it is a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Pearse Doherty: This is a substantive amendment, replacing section 40. This has happened before with the Bill. When there are such amendments, the sub-committee should receive a memorandum on them.