Eugene Regan (Fine Gael)

That does not deal with it. Companies which started in 2009 or 2010 would have three accounting periods in which they would have a legitimate expectation to be exempt from corporation tax. It was for a three-year period. By virtue of the provision referring to accounting periods beginning on or after 1 January 2011, they are caught by the provisions of the change in this section. The wording should be changed from "accounting periods" to "a company which sets up and commences a qualifying trade", beginning on or after 1 January 2011.