184. Deputy Pearse Doherty asked the Minister for Finance if, regarding his proposed amendment to section 110 of the Taxes Consolidation Acts, as published, the amendment still allows interest deductibility at an arm's length rate on all loans related to Irish property transactions; his views on the fact that this could facilitate scenarios whereby the affected portfolio can be restructured to create internal high-interest loans, for example, 15%, so long as the affected portfolio can have a report produced by an accountancy firm which shows that this is justified and reflects the market realities of this type on transaction or, alternatively, may be facilitated through an orphaned financing structure, resulting in the neutralising of much of the profit on income from the affected portfolio; if this is the case, the measures which will be taken to ensure that such a situation cannot occur; and if he will make a statement on the matter. [26891/16]

Summary

184. Deputy Pearse Doherty asked the Minister for Finance if, regarding his proposed amendment to section 110 of the Taxes Consolidation Acts, as published, the amendment still allows interest deductibility at an arm's length rate on all loans related to Irish property transactions; his views on the fact that this could facilitate scenarios whereby the affected portfolio can be restructured to create internal high-interest loans, for example, 15%, so long as the affected portfolio can have a report produced by an accountancy firm which shows that this is justified and reflects the market realities of this type on transaction or, alternatively, may be facilitated through an orphaned financing structure, resulting in the neutralising of much of the profit on income from the affected portfolio; if this is the case, the measures which will be taken to ensure that such a situation cannot occur; and if he will make a statement on the matter. [26891/16]

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.