Results 16,001-16,020 of 27,251 for speaker:Richard Boyd Barrett

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: That is absolutely shocking.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Anybody else, who bought a property and gets rent from it pays tax on it. However, these big investment entities can come in, buy lots of property and get extortionate rents, and as long as they do not make a distribution to the investor, they can use the revenue they are generating to buy even more property and jack the rents up even more. If they hold on to it for five...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Does the Minister of State have evidence for that statement?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: My point relates to what happens if they hang on to the fund for five years or for a period beyond five years. Given what is happening with rents at the moment, they must be making a fortune at present. If they are not distributing those moneys, and if they are holding on to the fund without selling it beyond the five-year period, they must be able to use those moneys to buy even more...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Only at the point at which they pay-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: It is clear that we have differing views. To be honest, the technical sort of answer we are being given is not really getting to the heart of the point. When one looks at this stuff, one sometimes thinks that money is being made out of fresh air for guys who have to pay 20% capital gains tax, or no capital gains tax at all if they hold on to their assets for longer than five years. Where...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: I put it to the Minister of State that we are not finding that balance. We have really messed up in the area of property. I put it to the Minister of State that this tokenistic measure will not undo the damage that has been done. Obviously, we disagree on this issue. I would like to ask a couple of questions about other issues.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: They reinvest the profits.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: No, I do not see it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: As I have said, it is shocking if this is what is going on. I suspect that it is. I have another couple of questions. The withholding tax does not apply to certain other collective investment undertakings. The Minister of State has mentioned life assurance and pension funds, etc., in this context. Can he tell us what other collective investment undertakings this tax does not apply to?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Wow.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Is the Minister of State saying it happens at the point when the transfer from the REIT to one of these other entities takes place?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Any of the entities referred to by the Minister of State could have an interest in property. I am trying to understand this. Entities might be investing in property, but the unit trusts or those bodies in the lists referred to by the Minister of State are not subject to withholding tax. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: That is what the Minister of State is talking about, but I am asking which categories are not liable for withholding tax. The Minister of State has listed them. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Is the Minister of State referring to a transfer from an IREF to one of the other entities? Is that what he means?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: What if these entities and unit trusts were never IREFs but were involved in property? That is my question. Is that possible?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: Why is there an exception? I do not understand it. Why does the Minister of State's note indicate that it will not apply to them? The note in the explanatory memorandum states: "The withholding tax will not apply to certain categories of investors such as pension funds, life assurance companies and other collective investment undertakings." What are these other collective investment...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: We can agree on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: I think I understand, but I am not entirely sure of it. I understand that the amendment refers to any entity that has 25% invested or that could be deemed to be in some way related to property. If that is the case, then the withholding tax applies. Then, we have another category to which, we are told, unless I have misunderstood what is being said, withholding tax does not apply. What the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Richard Boyd Barrett: I have a simple question. Does a unit trust that has interest in property pay the tax? The Minister of State listed unit trusts among the examples. Are they going to pay withholding tax?