Seán Fleming (Laois, Fianna Fail)
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82. To ask the Minister for Finance if companies involved in the wind energy industry can avail of the section 110 regime under the Finance Act; and if he will make a statement on the matter. [33941/16]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by Revenue that in order to avail of relief under section 110 of the Taxes Consolidation Act 1997, a company must be a qualifying company within the meaning of that section. 

Amongst the conditions of a qualifying company is that it must hold or manage qualifying assets. 

Since the enactment of Finance Act 2003, a qualifying asset is defined as an asset which consists of, or of an interest in, a financial asset, and financial asset is defined as:-

- shares, bonds, and other securities;

- futures, options, swaps, derivatives and similar instruments;

- invoices and all types of receivables;

- obligations evidencing debt (including loans and deposits);

- leases and loan and lease portfolios;

- hire purchase contracts;

- acceptance credits and all other documents of title relating to the movement of goods;

- bills of exchange, commercial paper, promissory notes and all other kinds of negotiable or transferable instruments. 

Finance Act 2008 amended the definition of qualifying asset to an asset which consists of, or of an interest (including a partnership interest) in a financial asset, and added to the list of financial assets:-

- greenhouse gas emissions allowance and

- contracts for insurance and contracts for reinsurance.

Finance Act 2011extended the definition of qualifying asset to include commodities and plant and machinery.

However, the generation of green energy is not the holding or managing of a qualifying asset and therefore it is not an activity which a qualifying company can carry on.