Feargal Quinn (Independent) | Oireachtas source

I too welcome the Minister of State, Deputy Nash to the House. I am delighted to see him in this Chamber.

One of my major concerns about cash for small businesses comes from the Construction Contracts Act 2013, which was signed by the President 480 days ago. It was not the Minister of State's baby until last week, but it is now his baby. In the past 480 days nothing has happened. I would love to see the Minister of State grab this issue and show that he can actually do it. I think that would be a major benefit.

I wish to raise the issue of crowdfunding. I am connected with linked finance in that I made a small investment and I believe in crowdfunding. One of the reasons it has not taken off in Ireland as well as it should have is because we do not have any regulation whatsoever. If there is no regulation, people are concerned they might walk themselves into a problem.

New Zealand is regarded as first in the world of easy access to credit for small businesses. We are not even second, third or fourth but 23rd. We can actually do something about this. We can move on that quickly and readily.

I have spoken about pension release in the past. I welcome the move in recent years to allow people access to 30% of their additional voluntary contributions to pensions. It seems to me there are things we can do. I would love to draw the Minister of State's attention to news from the United Kingdom. The plan is that people will be able to use their pension pots like bank accounts from the age of 55 years to withdraw thousands of pounds to save, invest or spend as they wish on whatever they want to do. I think that is very worthy and it is something we can do something about. I think it is a very sensible move. Under current rules in the United Kingdom, people from the age of 55 years can take 25% of pension savings as a tax-free lump sum. In the future, however, savers will be able to dip into their pension pot when they want and, each time, 25% of what they take out will be tax-free. That has to develop more business for small and medium sizes businesses.

I have pointed out that Ireland has the highest rate of inheritance tax in Europe and that is almost six times that of Italy and double that of Germany. Yesterday, in the UK, they announced they will be changing their inheritance tax laws. At present if people die without exhausting their pension funds, the funds their children or grandchildren over 23 years inherit is taxed at a massive 55%. From April 2015, the tax will be abolished altogether, bringing it into line with money left to spouses. I know that Senator Healy Eames is worried about competition from Britain, particularly for small and medium-sized businesses. She took the example of what happened in Galway last week, when the British made great efforts to get Irish SMEs to move to Britain to develop their business there. That is a reminder that we live in a competitive world and whether it is competitive world in regard to death taxes, inheritance taxes or pension funds, we have to recognise that we are not living on our own. There is competition and it is making sure that our SMEs do not get the money they deserve or otherwise would have had.