Gerry Horkan (Fianna Fail) | Oireachtas source

Over the past week, I have spent a great deal of time in this Chamber during debates on proposed amendments to the Finance Bill 2017, primarily as Acting Chairman but also in my capacity as Fianna Fáil's spokesperson on finance in the Seanad. It is good that the measures in the Bill will go back to the Dáil and consideration of them will be concluded before Christmas.

A number of people have made representations to me about the changes to section 135 of the Taxes Consolidation Act 1997. It has been suggested that this section is mainly about aggressive tax planning and anti-avoidance measures. Some people, particularly practitioners acting on behalf of family businesses, are concerned that this legislation will result in family business succession being taxed at 52% rather than 33%, 10% or 0%. Obviously, we are not going to deal with this matter this afternoon. I am putting the Minister of State on notice that I would like the Department to ensure the Revenue guidance clarifies that these particular mechanisms are being set up specifically as anti-avoidance measures and should not affect people who are trying to transfer businesses from one generation to the next. It has been pointed out that while Revenue guidance can be important, it is not appealable in the same way that legislation is appealable. I would like to put the Minister of State on notice that the Department needs to ensure this is dealt with in the appropriate way. If that does not happen, we might have to raise this issue in the House again.

I thank all the Members and the absolute army of officials for their work on this legislation. When I went into the ante room last week, there were almost 40 people there. The thickness of the Bill is a reflection of its contents, as set out over a large number of sections. Before Senator Conway-Walsh starts trying to take offence, I should say that I am talking about the thickness of the Bill, as opposed to any of the Members of the House. No offence was intended on this occasion. I never mean to cause offence. A substantial degree of expertise is required to bring through a Bill with so many sections. I congratulate the Minister of State, who was a member of our committee this time last year, on being so well able to deal with the various issues that have arisen. I welcome the return of the Bill to the Dáil and I look forward to it being passed before the end of the week.