This amendment relates to a statutory declaration that a general partner must make on a migration-out stating that it has not been notified of a resolution or other order to wind up the investment limited partnership. It seeks to add a provision that the general partner is not aware of a notification made to a limited partner of a resolution to wind up the investment limited partnership. The problem with this proposed amendment is that the role of the limited partner must be distinguished from that of the general p…

The amendment seeks to remove one element of the segregated nature of sub-funds. If accepted, it would adversely affect the segregation of liability between the sub-funds that this legislation seeks to establish. It would result in inconsistency between other investment funds' legal structures which are currently available in Ireland and it would expose investors to the risk of cross-contamination of liability between unconnected sub-funds. Each sub-fund will hold a separate pool of assets whereby the liabilities o…

I welcome the opportunity to speak on the Second Stage debate on the Commission of Investigation (Mother and Baby Homes and certain related Matters) Records, and another Matter, Bill 2020. I will deal with the other matter that is dealt with in section 6, which is not connected specifically with the mother and baby home records but it is in this legislation. At the outset, I welcome the inclusion of section 6 of the Bill that makes amendments to the Judicial Council Act 2019 in respect of amending the timeframe for…

I thank Deputies Ó Murchú and Mairéad Farrell for raising this issue because it is one that is very current to many small business persons and even larger businesses. The provision for tax warehousing, which is in itself a good measure, allows people time to pay on a cash flow basis at no interest in the first period. Since the outset of the pandemic, Revenue has been mindful of the pressures on businesses and has taken steps to enable them to cope with the restrictions. Revenue has stressed that businesses that ar…

I will go through this because it is important. We are talking about 2019 income tax returns. It is important to put on the record that 2019 had nothing to do with Covid. These are pre-Covid liabilities due, so Covid cannot be referred to this year in respect of tax that was due in respect of last year's financial statement.

Yes, that is the preliminary tax for this year, 2020. I ask the Deputies to bear with me on this. If a taxpayer has underpaid his or her 2019 preliminary tax liability, the balance of income tax for 2019 cannot be warehoused. However, and this is an important "however", Revenue announced last Friday, 16 October, in its electronic brief No. 190/20, that this liability can be included in a 3% reduced-interest phased payment arrangement if the taxpayer agrees this with Revenue no later than 10 December 2020. It is imp…

Yes, once it is in for 10 December.

Absolutely.

I understand I am sharing my time with Deputy Cathal Crowe. The impact of the Covid-19 pandemic on economic activity, in Ireland and globally, has been truly unprecedented. It has had a significant impact on the lives and livelihoods of all our citizens. Against an extraordinary and difficult backdrop, budget 2021 is framed to tackle the twin challenges of Covid-19 and a no-deal Brexit. It also addresses broader issues facing our economy and society, and which underpin the programme for Government, by providing for…

I am not sure who is on the list.

Yes, it is.

I thank the Senator for raising this issue. As a representative of the north inner city, she has first-hand experience. She probably does not have to walk too far from her own front door to see areas that might benefit from what she proposes. I appreciate and understand that she has first-hand knowledge because she was a representative at local level. She mentioned Dublin City Council. She has a lot of knowledge and experience of this area and that is why she is saying that the existing scheme, while good, is very …

I thank the Senator. The essence of her point is well made and I will come back to it when concluding. I want to put some information on the public record. This is information based on the revenue at the end of last year. Of the number of applications received up to last year, only 92 were from Dublin. Cork had 71, Limerick had 19, Waterford had 32, Kilkenny had 11 and Galway city had three, making a total of 228. However, during the years 2016 to 2018, inclusive, only 65 of those applicants received tax benefit. I…

I would have said the 228 figure was low to start with but in terms of the number that successfully came out the far end and got some tax back, it was only 65. The scheme is generous in that those 65 applicants will get tax relief, on average, of approximately €7,500 for the next seven years. They get back approximately €50,000. That is not the way the scheme was designed but that is the average amount those who have come through the scheme have got. It is an average of €50,000 for those who have been approved but …

People could do miraculous work. Ultimately, it will not cost the Exchequer much more. If all those 228 applications did go into the system, although not all of them came out of it, the cost would be €10 million or €12 million; I am only extrapolating the potential figure. I support the call for the grant system and I will speak directly with the Minister involved in that.

I thank the Senator for his comments on the amendment. I will deal with the amendment first before responding to the Senator's points. I understand what is behind the amendment, which proposes the making of a report for laying before the Houses. I reassure the House that it is my intention to lay a post-enactment scrutiny note 12 months after the enactment, in line with Standing Orders. It is now normal procedure that within 12 months of legislation being passed, post-enactment scrutiny would be published. I conten…

If I do not cover all of the Senator's points, perhaps she will remind me straight away. Reference was made to a possible influence on the drafting of the original legislation. I would say the need for this Bill goes back to 2015. Every year there has been progress on it. Many people were very much aware of this issue over the past five years. It has not come as a surprise, this year or last year, or even the year before that. It has been around for quite a period of time. In the interests of supporting the industr…

The first level of cross-party engagement was at the joint committee when it chose----

The previous committee chose not to do so. The Business Committee, which met at the beginning of September 2020, was made up of representatives of all parties, including Independents. It decided to waive the requirement for pre-legislative scrutiny of this legislation on 3 September. We are not in a position to overturn a decision made on an all-party basis in recent months.

I am personally not aware of that, and the only commitment I can give today is that I will have a response to that before Report Stage. I do not have the information today. I was not aware the Senator was going to raise that issue. If I had been aware of that in advance, perhaps I could have prepared a response. However, I do not have the information to reply to the question with me. The only commitment I can give is that I will have a response to the point the Senator made prior to Report Stage. The Senator raised…