Brian Lenihan Jnr (Dublin West, Fianna Fail)

This is a highly technical issue. Senator Regan suggests there is a retrospective aspect to revising the basis on which the relief is granted for companies already eligible for relief in respect of a trade set up last year or a previous year. I would not accept that this is the case as the changes apply only for accounting periods in the future.

Companies which began a qualifying trade in 2009 or 2010 will obtain relief on the old basis for profits earned in accounting periods commencing before 2011. There is no question of reducing the relief for these earlier accounting periods. If that is Senator Regan's concern, I can address it. He might want to clarify that.