Finance Minister dampens giveaway talk

Taxpayers won't be throwing their hats in the air on budget night. 

That's Michael Noonan's prediction of what he'll be announcing on October 11th. 

He's defended plans for further cuts to the Universal Social Charge which Revenue confirmed today would cost 4 billion a year to phase out completely. 

The Finance Minister told the budgetary oversight committee he simply doesn't have the money for a giveaway.

Meanwhile an independent TD says the amount of money available for the budget could be doubled if a loophole in capital gains tax was shut down. 

Stephen Donnelly says vulture funds are already looking at ways to get around plans by Government to amend the section 110 rules stopping companies of avoiding tax on property transactions. 

The Wicklow TD raised the issue at today's meeting of the Committee on Budgetary Oversight.