182. Deputy Pearse Doherty asked the Minister for Finance if, regarding his proposed amendment to section 110 of the Taxes Consolidation Acts, he will restrict the use of profit participating loans where they are used to finance business of section 110 companies related to Irish property transactions; if his attention has been drawn to the fact that this amendment will allow for a situation whereby all portfolios affected can be marked to market at 5 September 2016 and accordingly any unrealised gains of the section 110 company arising on specified property business up to 6 September 2016 will be unaffected by the amendment, leading to a massive loss in capital gains tax to the Exchequer given that the majority of uplift in value of the properties and loan books affected have already taken place; and if he will make a statement on the matter. [26889/16]

Summary

182. Deputy Pearse Doherty asked the Minister for Finance if, regarding his proposed amendment to section 110 of the Taxes Consolidation Acts, he will restrict the use of profit participating loans where they are used to finance business of section 110 companies related to Irish property transactions; if his attention has been drawn to the fact that this amendment will allow for a situation whereby all portfolios affected can be marked to market at 5 September 2016 and accordingly any unrealised gains of the section 110 company arising on specified property business up to 6 September 2016 will be unaffected by the amendment, leading to a massive loss in capital gains tax to the Exchequer given that the majority of uplift in value of the properties and loan books affected have already taken place; and if he will make a statement on the matter. [26889/16]

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Proposed Legislation

  xml · EN · 27 September 2016

  ViewDownloadOpen at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.