Results 13,501-13,520 of 27,073 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: They were not taking a risk when they were being told they would not pay any tax.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: We should get the maximum allowed amount of information, as the Chairman has indicated. The Minister of State has mentioned he thinks four or five funds will benefit from the CGT exemption. We should get as accurate information as possible on how many of those entities will benefit from the extension and factual detail on the quantum of assets in question, which the Minister of State has...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: I would like to add a further point to those that have already been made. The current approach offers an incentive to evict people. These capital gains tax breaks incentivise funds to evict people and they are acting on those incentives. When they evict people, the value of the property increases. This is what the funds are doing. I am dealing with a property in my area that has been...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: I am talking about the various allowances, credits, exemptions and reliefs that we will be discussing later. We have figures for them, so we know what are the tax expenditures. We know how much tax is forgone in those categories. As far as I know, although I would be happy to be enlightened, we do not know how much tax is going to be forgone as a result of this extension. Do we have...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: Are there any estimates?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: An estimate would be better than nothing.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: When we are trying to get to the truth of these tax breaks which are given to corporations or property interests, it is always revealing to look at how they are touted by the consultancy and accountancy firms which do the work of getting these people in. Their comments are very revealing. Our friends, PwC, in their document Irish Real Estate Investment Structures, say:[There has been a]...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: PwC's document is wrong. Is it giving bad advice to the hedge funds?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: The Minister of State can go to PwC's website now. He can get on his phone and look at what PwC is saying.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: Tell that to PwC. Of course, the other interesting-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: I know, and PwC says it can be reduced through various mechanisms. I take its word for it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)
Richard Boyd Barrett: Like I said, tell it to PwC.
- 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?