Billy Timmins (Wicklow, Fine Gael)
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Question 55: To ask the Minister for Finance the legal implications, if any, with respect to companies or individuals who made an investment in property based on the reasonable expectation that tax incentives in place at the time of the decision would remain; and if he will make a statement on the matter. [36502/11]

Michael Noonan (Limerick City, Fine Gael)
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It is assumed that the Deputy is referring to proposals relating to the "legacy" property tax relief schemes. The many complex issues and characteristics of the different types of property-related tax schemes were the subject of discussions between the Department of Finance, supported by the Office of the Revenue Commissioners, and the Office of the Attorney General (AG) prior to Budget 2011. The measures provided for in Finance Act 2011 were in line with the advice received from the Attorney General.