Brian Cowen (Laois-Offaly, Fianna Fail)

That is the first point but I will quickly get to another. Everything we have done here is prospective from the date of the announcement. In the normal course of events we would announce this on budget day. That it is prospective is a fundamental. That is the case with all tax changes, which are prospective from the date of the announcement. We were not in a normal situation because we were in the abnormal environment pre-election, and people got into arguments. To stick to the point, I am putting forward a proposal for enactment which is prospective from the date of the announcement. I left it at the shortest possible period in order to avoid any speculation between announcement and enactment. That would have been the case if, as is normally the position, we were dealing with this matter on budget day.

The lesson to be learned, in order to avoid any confusion in the future, is to ensure that these debates take place in a budgetary context so that a Minister of Finance, regardless of his or her political persuasion, who wishes to make changes to the social welfare code, the tax code or whatever may do so from the day of the announcement or from a later date but not retrospectively. For that reason and regardless how well-intentioned they might be, I cannot accept the recommendations from the Senators.

I made the announcement in response to a situation created by others. My announcement was prospective from the date on which it was made — 30 April — and came about as a result of a recommendation from the Revenue Commissioners who state in their guidance notes that deeds must be presented within a month of execution. In technical terms, therefore, the date included in the Bill is 31 March, whereas the political announcement related to 30 April. It is prospective and not retrospective. I cannot, therefore, accept recommendations which seek to introduce a retrospective effect to the announcement I made, which, in the normal course, would have been made and enacted by means of financial resolution on budget day.