Results 1,841-1,860 of 6,295 for speaker:Michael D'Arcy

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

Michael D'Arcy: Bought from NAMA.

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

Michael D'Arcy: From NAMA.

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

Michael D'Arcy: I wish to point out a couple of things to the Deputy. He has discussed sections in isolation. He mentioned a piece of land owned by a company or an investment stream and assumed that there is a gain on the purchase of a single parcel of land. The provision will work, and we anticipate it will work, as follows. If a company or an investor has a gain and reinvests it then there will not be...

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

Michael D'Arcy: That is why we are doing this, Deputy.

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

Michael D'Arcy: Can I clarify the matter?

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

Michael D'Arcy: That is not the case, Deputy. Earlier I gave an example. If there is a gain, and the gain is re-invested in the fund, then what the Deputy has said is correct but, potentially, there may not be a gain. If investors take the moneys out and choose to take it out on the basis of a dividend, then they will pay tax on the dividends.

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

Michael D'Arcy: No, they will.

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

Michael D'Arcy: Yes, they will.

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

Michael D'Arcy: The Deputy gave the example of somebody who takes profits from the company and a dividend must be paid-----

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

Michael D'Arcy: What I said to the Deputy is correct. In the main the gains are re-invested. That is what property developers and property investment funds do. I take the Deputy's point that one can take a section of land out, use it in isolation and the exemption applies. He is correct to say so. We believe what we are doing is the right thing to do. We can go back and rehash and reargue last year's...

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

Michael D'Arcy: Not in that circumstance.

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

Michael D'Arcy: Sorry, excuse me-----

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

Michael D'Arcy: That is only for foreign investors.

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

Michael D'Arcy: I do not know.

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

Michael D'Arcy: Deputy Pearse Doherty said that 2013 was the bottom of the trough, and it was. I remind him that we needed foreign equity to come in to try to move the property market. The Deputy should not ignore where we were back then. He is simply taking the negative and suggesting that everything was perfect. We needed foreign funds to come in to the Irish residential property sector and the...

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

Michael D'Arcy: No. We have decided to change the structure – Deputy Pearse Doherty agrees with that. We have decided that, as a result of providing tax certainty, the measures will kick in 14 months from now. We believe it is important for a jurisdiction to have tax certainty. This means we should not change an aspect of the policy in one budget and then alter it subsequently. We do not believe...

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

Michael D'Arcy: We did not know that.

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

Michael D'Arcy: It is very easy-----

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

Michael D'Arcy: I do not know the details.

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

Michael D'Arcy: The expression used is that these are widely-held funds. They are institutional investors. It is not a question of a number of potentially high-worth individuals who are closely aligned with one another and that they are excluded. There are approximately 100 funds with a value of between €15 billion and €16 billion worth of property.