Paschal Donohoe (Dublin Central, Fine Gael)
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Question 88: To ask the Minister for Finance his views in relation to the provision of section 23 tax reliefs; and if he will make a statement on the matter. [19524/11]

Michael Noonan (Limerick City, Fine Gael)
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The Programme for Government states that property tax reliefs and other tax shelters which benefit very high income earners will be reduced, capped or abolished and to this end I have directed that a process be initiated to assess the possible impacts of such changes on the "legacy" property-based tax relief schemes. The first stage of this assessment process is currently underway in the form of a public consultation. The consultation paper and details of how to make submissions are available on the Department of Finance's website. The consultation will run from 23 June to 29 July 2011.

The purpose of this consultation is to provide an opportunity for all interested parties to offer input on how the impact assessment should proceed in determining an appropriate policy approach to the "legacy" reliefs, including Section 23 type reliefs. The assessment will consider the economic impact of curtailing the costs to the State of outstanding or 'legacy' reliefs, which have so far not been fully claimed by investors. It will enable us to better understand the benefits that may accrue to the Exchequer in terms of additional tax yield as well as consequences for investor groups and the wider economy arising from possible changes to the treatment of property-based legacy reliefs. The results of the assessment will be considered in the context of Budget 2012.