Finian McGrath
Question:139 Deputy Finian McGrath asked the Minister for Finance his views on a proposal (details supplied) as part of dealing with the current economic situation. [41782/10]
View answerWednesday, 10 November 2010
Questions (104)
Written answers
As the Deputy is aware, a windfall tax rate of 80% was introduced under the National Asset Management Agency Act and applies to the portion of any profit or gain made on the disposal of land which is attributable to a rezoning, where both the rezoning and the disposal of land giving rise to the windfall occur after 30 October 2009. Finance Act 2010 extended this tax to portion of any profit or gain made on the disposal of land which is attributable to a "material contravention" decision by a local authority, where both the material contravention decision and the disposal occur after 4 February 2010.
A disposal giving rise to a capital gain is subject to the Capital Gains Tax rate in force at the time of the disposal. It is not feasible to seek further tax from a disposal where all tax liabilities were satisfied.