James Bannon (Longford-Westmeath, Fine Gael)
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Question 129: To ask the Minister for Finance the consideration that has been given to the negative impact of the restriction of premature abolishing of section 23 relief, on the livelihood of property owners and those in the commercial and residential letting business; and if he will make a statement on the matter. [33359/11]

James Bannon (Longford-Westmeath, Fine Gael)
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Question 130: To ask the Minister for Finance the safeguards being put in place to alleviate the potential fallout from the termination of section 23 which may kill off economic activity in the middle of the investment cycle to the detriment of economic viability, in view of the fact that the whole purpose of urban and town renewal was to rebalance development to less economically advantaged areas by the encouragement of investment in these areas; and if he will make a statement on the matter. [33360/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 129 and 130 together.

As the Deputy may be aware my Department is carrying out an impact assessment of the potential effects of amending, curtailing and/or abolishing property-based "legacy" tax reliefs including Section 23 type reliefs in line with the commitment in the Programme for Government.

The impact assessment process is examining 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 these reliefs.

A public consultation was undertaken in order to afford all interested parties an opportunity to present their views and to assist our understanding of the possible effects of potential changes on individual investors. This resulted in the submission of over 700 individual responses.

The response to the consultation forms an integral part of the assessment and is currently being appraised in tandem with information and research collated as part of the overall impact assessment. It is anticipated that the analysis of the submissions along with the results of the impact assessment process will be available for consideration in the context of the forthcoming budget.

As is customary, I do not propose to comment in advance of the Budget on any matters that might be the subject of Budget decisions.