Joe Carey (Clare, Fine Gael)
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93. To ask the Minister for Finance if the 80% windfall tax relating to gains arising from the disposal of residential lands continues to apply; and if he will make a statement on the matter. [29211/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that the 80% windfall tax relating to gains attributable to a rezoning of land does not apply to disposals on or after 1 January 2015. A rezoning means a change under the Planning and Development Act 2000 from non-development land use to development land use, that is, from agricultural and amenity uses to residential, commercial or industrial uses or a mixture of such uses. The tax applied to gains on the disposal of such land in the period commencing on 30 October 2009 and ending on 31 December 2014.

Joe Carey (Clare, Fine Gael)
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94. To ask the Minister for Finance if capital losses carried forward can be used to shelter capital gains arising on the disposal of residential development land; and if he will make a statement on the matter. [29212/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that, in accordance with capital gains tax legislation, allowable losses arising on disposals of other types of assets may not be set off against chargeable gains arising on disposals of development land.

However, allowable losses arising on disposals of development land may be set off against chargeable gains arising on disposals of development land. In addition, allowable losses arising on disposals of development land may also be set off against chargeable gains arising on disposals of assets that are not development land.