Results 13,341-13,360 of 26,901 for speaker:Richard Boyd Barrett

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: Is the point about the disposal of REIT shares true, that CGT is not chargeable on the disposal of REIT shares?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: If a person invests in REIT shares, the value of the property goes up and the value of the investment, the share in the REIT, goes up, is it the case that if that person then flogs the shares, he or she does not pay any capital gains on them?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: That is even better. We should look at that too. It is shocking, when one considers what is happening in the property market and the enormous appreciation of the value of these properties, that such buyers are walking away and paying no tax. The other side of the coin is that I then have to traipse into PwC on behalf of residents or tenants in properties managed by PwC on behalf of these...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I am just citing an instance-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: -----that I happen to know of. This is the on-the-ground reality of the matter. I am telling the Minister of State what PwC is touting the array of structures to mitigate or eliminate tax on property investment. He can tell PwC to update its website if he likes, but I suspect PwC knows what it is talking about. This is what one gets when one googles "real estate investment trusts". PwC...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I certainly hope so. It might make it think twice about evicting the people in St. Helen's Court.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: So long as it is not Jersey or the Isle of Man.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: Perhaps the Deputy can speak to the section?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: There are other amendments, which we will deal with shortly, to which the issue is relevant.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: Everything about the Apple situation, including the changes made in the budget by the former Minister for Finance, Deputy Michael Noonan, in 2014, stinks to high heaven. Frankly, it stretches credibility that this happened at a time when new political forces had come into this Dáil. In 2012 and 2013, Deputy Pearse Doherty and I raised at the then Joint Committee on Finance, Public...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: It does not look like that. This is why the EU is very suspicious, yet again. We have already been told we should have collected €13 billion of tax that we did not collect. The Government has still not taken that money and the interest off Apple and put it in an escrow account. As soon as there was movement on that particular tax avoidance strategy, lo and behold, we made changes...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: When the Minister says that Ireland's corporate tax revenue has increased he forgets to mention the extraordinary rise in profits during that period. The percentage increase in profits far outstrips any proportionate increase in tax revenue. For example, 2012 pre-tax trading profits were €76 billion. By 2015 these had gone up to €149 billion. As we know, and we can surmise,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: For how many years?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I move amendment No. 41:In page 39, between lines 7 and 8, to insert the following: “22. The Minister shall, within 3 months of the passing of this Act, bring a report on the amount of tax revenue foregone as a result of the changes to capital allowances relating to intangible assets made in Budget 2014 and the re-introduction of the 80 per cent cap in such allowances in Budget 2018,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: That is not very credible because the parent company is deciding how much one subsidiary will charge the other for the use of the intellectual property. It may be the case that the profits then derive, as the Minister says, from that piece of intellectual property, but the parent company is deciding how much one charges the other and is setting the cost at precisely the level that is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I will bring it back on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I move amendment No. 42:In page 39, between lines 7 and 8, to insert the following:“22.(1) The Minister shall, within 6 months of the passing of this Act, bring a report on the potential to raise additional corporation tax revenue by closing down tax loopholes, examining the extended legitimacy and abuse of all corporate tax expenditures, exemptions, allowances and deductions, such as...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: I did not speak to the second part of my amendment and I want to say one brief word to put it all together before the Minister comes back in. This is specifically on the research and development tax credit. I am asking the Minister to consider whether the amount of money which has been given in a tax allowance for research and development to a very small number of corporations, as has...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Richard Boyd Barrett: The Minister did not revert to the issue of research in universities and the bang for the buck that we derive from encouraging research and development through these allowances for private companies and, as has been said, the small number of big corporations that benefit from it. It seems to amount to the privatisation of research and development. The funding of our universities was...