Tom Parlon (Laois-Offaly, Progressive Democrats)

If Senator Browne wants to know where he might find an apartment in Dublin for less than €317,500, I would be delighted to offer him some advice. Such second-hand houses are available in the property pages of any newspaper. This provision has been genuinely effective in helping buyers take their first step on the property ladder.

The issue of roll-over relief was also raised, particularly with regard to people who have disposed of property under a compulsory purchase order. The deal in which I was personally involved with the Government in a previous role is very fair to farmers in terms of the actual value they receive for their holding and the compensation they receive for severance, etc. Changes were made afterwards but, in terms of roll-over relief, it made sense when capital gains tax was at 48% and above. However, the rates were reduced to 20% in the 1998 budget, and it was announced in the 2003 budget that no roll-over relief would be allowed for any purpose on gains arising from disposables on or after 4 December 2002. The abolition of this relief is in accordance with the overall taxation policy of widening the tax base to keep direct tax rates low.