Dáil Éireann Debate, Wednesday - 24 January 2018
76. Deputy Pearse Doherty asked the Minister for Finance the number of lenders and value of lending in the car finance PCP sector by companies that are operating with section 110 tax status, including a company (details supplied); his plans to act on this issue; and if he will make a statement on the matter. [3566/18]
Amharc ar fhreagraSection 110 of the Taxes Consolidation Act 1997 sets out a regime for the taxation of special purpose companies set up to securitise assets. The tax provisions are intended to create a tax neutral regime for securitisation and structured finance purposes.
I am advised by Revenue that qualifying companies (within the meaning of section 110 of the Taxes Consolidation Act (TCA) 1997) may only hold certain “qualifying assets”. The list of qualifying assets that these companies may hold includes loans, leases, hire purchase contracts, and obligations evidencing debt.
In addition, I am advised by Revenue that there is no requirement for a section 110 company to provide information regarding the specific type of “qualifying asset” it holds on its corporation tax return. Revenue is therefore not in a position to provide the data requested.
In relation to taxpayer specific information, Revenue is precluded, by taxpayer confidentiality, from providing details on a specific company or taxpayer.
