Results 121-140 of 494 for land speaker:Pearse Doherty

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Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Pearse Doherty: I thank the Minister for correcting the point that was made at the select committee. It probably just adds to the argument I was making about the need to split up "land" and "buildings". What I heard from the Minister is a lot of challenges but no reason it cannot be done. My point is that this is not just a matter of timing. Commercial buildings in Dublin will be sold next year for other...

Finance Bill 2017: Report Stage (Resumed) (23 Nov 2017)

Pearse Doherty: ...in the qualifying period from 7 years to 4 years for the Capital Gains Tax exemption available under section 604A of the Tax Consolidation Act and the proposal to limit the reduction in the qualifying period to land only.”. We discussed this on Committee Stage, and I bring forward the same amendment here. I have serious concern about what the Minister is doing with the seven year...

Finance Bill 2017: Report Stage (Resumed) (22 Nov 2017)

Pearse Doherty: ..., Mr. Kevin Nolan, it is considering selling some of its properties to other investors should the right opportunity arise. Deputy Mick Wallace is correct. The Ministers should read the book NAMA Landto see how some of these structures were set up, the inside information and all of the rest. REITs are able to sell off property and the State, through the finance code, is incentivising...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: ...It is pot luck whether amendments will be allowed. There is a need for a report on that issue. In section 28 I wanted to delete lines 10 to 13 and substitute the following: Where a person disposes of land with residential development potential to which this section applies during the period beginning 4 years after the date they were acquired and ending 7 years after that date, any gain...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: The Minister's point is that it is not possible to differentiate between development land and non-development land, which was the focus of my amendment. The capital gains tax, CGT, exemption would apply if an owner held on to the land for seven years, but under this Bill he or she will be able to dispose of it after four years and still avail of the exemption. I think that reduction in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: I am satisfied. I would like it to have applied to development land only but I understand that is not possible. I have no problem with the reduction in the timeframe from seven years to four years in respect of the disposal of land. However, I do have a problem with this being applicable to buildings also. A case in point is the hotel which had an uplift of €500 million during the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: The amendment references land and buildings. I can understand the Minister's explanation in regard to land but why can subsection (2A) not be rewritten to read "(2A) Where a person disposes of land to which this section applies"?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: I find that very hard to understand. I am not saying that I do not believe the Minister has received that advice. The tax code provides for taxation measures specifically to deal with land as opposed to buildings, for example, the vacant site levy. I cannot understand, therefore, why the Minister cannot introduce an exemption from CGT for certain properties, for example, land as opposed to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: My understanding of the advice is that it is not possible to differentiate between different types of land. My amendment originally sought the exemption in respect of development land only. I accept the advice that it is not possible to differentiate between different types of land, but I did not hear in that advice any reference to it not being possible to differentiate between land and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: ...Report Stage, would the Minister be willing to examine whether there is any possibility that buildings would not be part of this change from seven years to four years and merely to isolate it to land?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: I will. Maybe we should not amend the seven year element at all. Maybe we should introduce a separate section which allows for a redefinition of land specifically, the same way we did with Irish real estate funds, IREFs. We should define land in terms of development land and allow them to pay no CGT. There must be a way because there are massive windfalls coming down here for those will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: ...which would include a risk assessment of the sustainability of stamp duty receipts from commercial property. This section of the Bill deals with the increase in stamp duty from 2% to 6%. Agricultural land is captured in that, and that is dealt with in amendment No. 66 and the amendment tabled by Deputies Fitzmaurice and Mattie McGrath. I wish to speak on the risk associated with the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)

Pearse Doherty: ...to the Revenue Commissioners but the outcome remains unsatisfactory. We understand that there are transitional arrangements in place. The problem, however, is that there are people who purchased land and for whom the transfer of that land went through on budget night. They obtained finance to purchase a land holding and have no access to the additional €10,000...

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

Pearse Doherty: In the last 12 months there have been no major changes to the fact that land is not being released. I say that because it is important to get to the core of this. This was the major argument in the Finance Bill last year. The Minister of State should look over the transcripts. We kept going back over this on Committee and Report Stages. We argued with the Government at the time that the...

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

Pearse Doherty: I know the Minister of State would like us to sweep last year under the carpet, pretend it did not happen, and pretend the Government did not incentivise the type of land hoarding which happened over the last year. However, let us deal with the amendment that is before us. Can the Minister of State explain to us the significance of the disposal date, which is 1 January 2019, and also how...

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

Pearse Doherty: That means that for investors who bought lands or properties prior to 1 January 2014, in the calendar year before that, the Government continues to incentivise them to hold on to those properties for another year. That is what is being done, as explained by the Minister of State.

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

Pearse Doherty: If an investor bought parcels of the land that NAMA disposed of in 2013, then five years will not have elapsed.

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

Pearse Doherty: ...at this point in time. By the end of December 2018, however, five years will have elapsed so one will get the exemption. That means the provision incentivises the investor to sit on the vacant land, to do nothing with it even though we are in the middle of a housing crisis and hold it for another year because it is of major financial benefit to the owner and its shareholders, due to a...

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

Pearse Doherty: ...I apologise, from NAMA. The properties are not being sold off because the companies will benefit from the CGT exemption after five years. I am also referring to individuals who bought, from NAMA, land that is currently undeveloped. The individuals will not develop or sell on the land because to hold on to it, at this point in time, is more financially beneficial to them.

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

Pearse Doherty: ...if that was the case. The Government is closing down the loophole because it knows fine well that it engineered a loophole into the Finance Bill last year that incentivised people to hoard land and property. I welcome the fact that the loophole is being closed but I am disappointed that it will continue for a year. The Minister of State talked about certainty for investors and all of...