Michael McGrath (Cork South Central, Fianna Fail)
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Question 121: To ask the Minister for Finance if he will respond to a query (details supplied) regarding the National Asset Management Agency Act 2009. [46680/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The windfall tax rate of 80%, which was introduced under the National Asset Management Agency Act, will apply to the portion of any profit or gain made on the disposal of land which is attributable to a rezoning, where both the rezoning and the disposal of land giving rise to the windfall occur after 30 October 2009. A rezoning for windfall tax purposes is defined as a change from a non-development land use to a development land use or a mixture of such uses, or a change of development land use. If no change of zoning is required, or if the land was rezoned before 30 October 2009, the windfall rate will not apply. A material contravention does not change the zoning of a piece of land, therefore the windfall tax rate would not apply to a disposal of land on which development had been permitted by way of a material contravention.