Dáil Éireann díospóireacht -
Tuesday, 27 Feb 2001

Vol. 531 No. 3

Written Answers. - Capital Acquisitions Tax.

Ruairí Quinn

Ceist:

191 Mr. Quinn asked the Minister for Finance if he will list any individuals, groups or companies which he met, or from whom any written or verbal representations were received, on the decision announced that capital gains tax on development land is to remain at 20% rather than implement the proposal in the first Bacon report that this tax would be raised to 60% from 2002; if his plans to contemplate such a change were signalled in advance of the public announcement to anybody making such representations; and if he will make a statement on the matter. [5593/01]

Minister for Finance (Mr. McCreevy):

It is not normal practice to name private individuals' companies who may have made representations to me on any particular topic. However, in regard to general organisations, I received pre-budget submissions from the following groups on the pro vision for a 60% capital gains tax rate to apply to disposals, on or after 6 April 2001, of development land which is zoned residential – the Construction Industry Federation, the Irish Home Builders Association and the Consultative Committee of Accounting Bodies in Ireland. No indication was given to these or any other groups or individuals-companies prior to my announcement on the publication of the Finance Bill on 15 February last that this provision was to be removed.