I would like to know how extensive the exemption involved in this section is.
SECTION 196.
Question proposed: "That section 196 stand part of the Bill."
Section 196 grants stamp duty exemption in respect of the purchase of any property, or interest therein, by Temple Bar Properties Limited or any of its subsidiaries. The property must be located within the Temple Bar area as defined in the Temple Bar Area Renewal and Development Act, 1991.
It includes all easements, all real property?
It includes any property. Subsection (4) repeals section 18 of the Temple Bar Area Renewal and Development Act. The section granted a stamp duty exemption for property acquired as a direct result of the passing of the Act or by compulsory purchase. The proposed exemption is broader in scope and includes property being acquired and leased on the open market.
Does the Custom House Docks Authority have the same power?
I think it is only Temple Bar.
Multitudinous interests are involved so it was a necessary instrument. I have reservations about the operation of Temple Bar but I think this is necessary. In acquiring ten square metres of property down there you could have six or seven separate interests, all would require stamp duty which would be a cost factor. It would be a circular transfer.
Is that the reason for it, multiplicity of interest?
It is probably too late in the evening to raise it now, but I am getting bad vibes from the Temple Bar area at the moment. Perhaps it is not as successful as it is meant to be.
It is under the Department of the Environment and I am not very familiar with it, but a huge number of developments are being talked about. The question is whether they proceed. A hotel and other developments are being talked about. The corporation, which colleagues opposite would know far more about, has done a tremendous job there. There are questions as to whether many of these developments will actually go ahead.
As a Dublin member from the other side of the Liffey, I would make a parochial request to the Deputies opposite. I do not thing it can be a success until the traffic is barred from it. There is no other city in the world that has a ringed area like that with traffic going through it.
I do not want to talk about it now. The Custom House Docks site went reasonably well as did designated areas in other cities. Limerick went exceptionally well.
I would not like you to take my judgment on this because I have no detailed knowledge of it.
The executive agency system is wrong.
We may be back in 18 months or two years trying to put it together again.
The provision is necessary as it eliminates the circular transfer which would otherwise occur.
Question put and agreed to.
Chairman
As sections 179 to 196, inclusive, have been agreed and we still have another 11 minutes, we can go ahead to sections 197 to 200, inclusive. Is that agreed? Agreed.
NEW SECTION.
I move amendment No. 134:
In page 202, before section 197 but in Part IV, to insert the following new section:
"197.—Section 44 (as amended by section 71 of the Finance Act, 1989) of the Finance Act, 1970, is hereby amended by the insertion of ‘,Bord Gais Éireann' after ‘Bord Telecom Éireann'."
This amendment extends the exemption from stamp duty contained in section 44 of the Finance Act, 1970 to Bord Gáis Éireann. The exemption relates to unguaranteed loan stock of a number of semi-State bodies including the ESB, Bord Telecom, Telecommunications Investments, Telefís Éireann and the Industrial Credit Corporation. The object of the amendment is to encourage semi-State bodies to issue unguaranteed loan stock rather than depending on the Government for a guarantee on moneys borrowed.
Question put and agreed to.
Chairman
It is proposed to take sections 197, 198, 199 and 200 together for discussion purposes, with separate decisions. Is that agreed? Agreed.