Seanad debates

Saturday, 29 January 2011

Finance Bill 2011 (Certified Money Bill): Committee Stage

 

11:00 am

Photo of Paschal MooneyPaschal Mooney (Fianna Fail)

In addition, they are in negative equity and, as all Members are aware, the rental income they were gaining to pay off their mortgages has been reduced in both town and country. Consequently, in the interests of transparency, I seek both an economic impact assessment of the devastating effect this section will have on all those concerned and, for the benefit of the media and the public, that the Department of Finance also categorise the persons who have purchased a section 23 property and are gaining tax relief thereon. I believe one will find that the overwhelming majority are ordinary individuals or groups of people such as nurses who have come together or other professionals who purchased the properties to live and work in them. My plea to the Minister is within the context of this economic impact assessment. Moreover, the Revenue Commissioners could supply the categories and data protection concerns would not arise as this has nothing to do with naming individuals. The proposal is to categorise recipients in order that the public will know the debate in this House is about the efforts being made to dilute the financial impact on those caught in a debt trap.

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