Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

In the Finance Act 2010 the dates for pay and file returns by the self-employed and for capital acquisitions tax were brought forward. After concerns were expressed by the self-employed, they were removed from this provision in this Bill. There were valid reasons for bringing forward the dates as it allowed for the making of more accurate forecasts. The general concerns about the self-employed had nothing to do with farmers, Deputies Healy-Rae and Lowry. It had to do with the genuine concerns brought to the Minister's attention by tax firms and IBEC. It is a common-sense response to their concerns.

Senator Mary White is correct that this section relates to capital acquisitions, inheritance and gift tax, not the self-employed and small companies. It is important to place that point on record. What is being done relates to the fact that the Minister for Finance responded to concerns raised by tax firms and others.

Senators will accept that bringing forward the dates relating to the self-employed and CAT will, as I have already stated, be of great assistance when it comes to forecasting. Neither the Minister nor his Department has made a mistake. What is proposed in section 70 represents a response to concerns that were raised. In such circumstances, the arguments put forward by those on the opposite side of the House cannot be accepted.

I wish to place on record the fact that there will be no cash-flow benefit for Revenue as a result of what is proposed. I must inform Senator Norris that interest applies in respect of overpayments made.