Brendan Ryan (Labour)

This seemed to confirm he was quite satisfied with the deal that had been negotiated. If the IFA was satisfied with the level of compensation its members would receive, it seems probable that level was well above what farmers had expected or hoped to receive either through compensation or the sale of agricultural land.

I cannot accept the recommendation in its present form as it is far too wide. We know little about the levels of compensation awarded. However, Senator Mansergh has pointed to the cost of land acquisition as a proportion of the cost of major road projects. It is clear people have done quite well out of these projects and, as such, should make some contribution to the State. We have the lowest level of capital gains tax in Europe. A person who earns €50,000 pays income tax at 42% but a capital gain of the same amount is subject to a taxation level of only 20%. This is unfair and I will not support a recommendation that proposes to introduce further unfairness.