After several amendments to the NAMA Bill since its first initiation in September, the Bill was sent to the President for signing late Tuesday night. The current list of amendments published since the Bill was first presented to the Dáil, includes an 80% tax on “windfall gains”, an income tax charge of 80% on profits or gains attributable to rezoning and a surcharge on the participating institutions should NAMA incur an overall loss.

The NAMA Bill currently provides for a CGT rate of 80% on the windfall gain – the increase in market value of the land due to rezoning, from 30 October 2009.

An 80% rate of income tax will also apply to profits of taxpayers who deal in or develop land in the course of their business, where such profits are derived from rezoning from 1 January 2010.

Banks may become liable to a tax surcharge on their profits should NAMA incur an overall loss.

Tax measures introduced earlier in the Bill and as previously notified in eNews, look set to stay. These measures ensure that income and gains arising to NAMA will be exempt from income tax, corporation tax and capital gains tax. NAMA will also be exempt from stamp duty for all headings under Sch 1 of the SDCA99. The availability of relief for the bank's losses forward will be restricted to 50% of profits.

Further details on the NAMA Bill can be accessed from the Oireachtas website at http://www.oireachtas.ie/