The urgent measure relates to what are known as stapled securities, which allow companies to pay tax-deductible interest to shareholders instead of dividends.

Changes will be retrospective and the announcement was made without prior consultation with interested parties “because it is a matter of urgency since some companies may be contemplating the issue of the type of stapled stock in question”, Finance Minister Michael Cullen and Revenue Minister Peter Dunne said.

It might be for a sound purpose, but I never like retrospective legislation.