Joanna Tuffy (Dublin Mid West, Labour)
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Question 88: To ask the Minister for Finance if any tax has been collected under the windfall tax provisions of the National Assets Management Agency Act 2009; the potential tax take that can be estimated for this provision; if he is satisfied that the definites in this provision are clear as to what is taxable under these provisions; and if he will make a statement on the matter. [17505/12]

Michael Noonan (Limerick City, Fine Gael)
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The windfall tax rate of 80% applies to the portion of the profit or gain on a disposal of land which is attributable to a "relevant planning decision": that is, a rezoning, where both the rezoning and the disposal of land giving rise to the windfall happen after 30 October 2009; or a "material contravention" decision by a local authority, where both the decision and the disposal happen after 4 February 2010. I am also informed by the Revenue Commissioners that on the basis of the available 2009 data, the latest year for which the necessary detailed information is to hand, there is no record of any such profits or gains having been returned.

As respects the tax year 2010, while tax returns have been received, the relevant data has not yet been processed to the extent to allow for the full identification of any profits or gains to which this measure applies. However, I understand from indications to date that the level of such profits or gains received in 2010 was extremely small. The legal provisions underpinning this measure accurately reflect Government policy at the time of its enactment and I have no reason to doubt that the provision is, or will be, effective in taxing any such profits or gains which might arise.