Mairead Farrell (Galway West, Sinn Fein)
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267. To ask the Minister for Finance if he will identify the amendments that were made on the foot of a statement (details supplied); the date of these amendments; the relevant legislation that was amended; and if he will make a statement on the matter. [4309/23]

Michael McGrath (Cork South Central, Fianna Fail)
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In September 2016, Minister Noonan announced the introduction of an anti-avoidance amendment to section 110 of the Taxes Consolidation Act 1997. Section 110 TCA 1997 sets out the regime for the taxation of special purpose companies set up to securitise assets. The focus of this anti-avoidance provision was to prevent qualifying companies being used to reduce the Irish tax base in respect of profits derived from immovable property in the State.

This anti-avoidance rule is now found in subsection (5A) of section 110 TCA 1997.  Subsection (5A) was introduced by Section 22(c) of the Finance Act 2016 and applies from 6 September 2016.