Pearse Doherty
Ceist:147. Deputy Pearse Doherty asked the Minister for Finance the expected revenue from ending the capital gains tax exemption from the sale of property held within REITs. [32544/17]
Amharc ar fhreagraTuesday, 11 July 2017
Ceisteanna (147, 149)
Pearse Doherty
Ceist:149. Deputy Pearse Doherty asked the Minister for Finance the expected revenue from introducing a minimum DWT rate of 25% on all dividends paid by REITs. [32546/17]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 147 and 149 together.
I am informed by Revenue that as a result of the low number of REITs established under Irish Law (part 25A of TCA 1997, as amended), they are unable to provide this information due to their obligation to preserve the confidentiality of taxpayer information.
Additionally, information in respect of potential future capital gains from the sale of property of REITs is not available to enable an accurate estimate of the potential gain from the ending of the exemption to be provided. It is also worth noting that REITs are specifically designed to focus on the long-term holding of income producing property. They are not designed to hold development activities, or as a vehicle for short term speculative gains.