Tom Parlon (Laois-Offaly, Progressive Democrats)

I am glad that his view and that of the Minister have matured during the years, although they still continue to differ. The Bill consolidates the law relating to capital acquisitions tax which is contained in the Capital Acquisitions Tax Act 1976 and provisions in subsequent Finance Acts. The new consolidation Bill continues the very successful process of the ongoing modernisation of the tax code. In 1997 the Taxes Consolidation Act consolidated the direct taxes legislation dealing with income tax, corporation tax and capital gains tax. In 1999 the Stamp Duties Consolidation Act consolidated the stamp duties legislation. In addition, the consolidation and modernisation of general excise law on mineral oils were included in the Finance Act 1999 and the consolidation and modernisation of general excise law were included in the Finance Act 2001.

The preparatory process for consolidating capital acquisitions tax followed the same rigorous process as was adopted previously. The aim at all times was to ensure the most accurate consolidation of the existing law, with nothing left out and nothing added. This is what has been achieved in this Bill which was considered by the parliamentary counsel's office and has been duly certified as a consolidation of existing law by the Attorney General.

What Senators have before them today is the culmination of over two years work. Perhaps the greatest benefit which will result from this consolidation will be the restructuring of the capital acquisitions tax code in a clear, coherent and logical way. This will make it more accessible and user-friendly for all users, including Members of the Oireachtas, who have to cope with annual changes to the capital acquisitions tax legislation.

I appreciate the way in which this House assisted in the speedy passage of the Bill. It is important that it is enacted before Committee Stage of the Finance Bill 2003 as any subsequent changes to capital acquisitions tax will be slotted in to it by amendment.