I propose to take Questions Nos. 544, 564 and 565 together.
Under section 157 of the Finance (Local Property Tax) Act 2012, commencing in 2014, the Minister for Finance will pay into the Local Government Fund an amount equivalent to the Local Property Tax paid into the Central Fund during that year.
The Government has indicated an intention to move, from 2014, to 80% retention of all Local Property Tax receipts within the local authority area where the Tax is raised. The remaining 20% of the Tax collected nationally will be re-distributed on an equalised basis to local authorities within the context of the annual allocations of General Purpose Grants. Pending a fuller understanding of the anticipated yield of the Tax, on a per local authority basis, and discussions to take place in the context of Budget 2014, it would be premature to comment definitively on anticipated yields or on equalisation methods.