asked the Minister for Finance if he will give an estimate of the annual cost to the Exchequer in lost revenue of the exemptions granted to individuals under section 15 of the Capital Gains Tax Act, 1975.
Written Answers. - Capital Gains Tax Act, 1975.
22.
Section 15 of the Capital Gains Tax Act, 1975, is essentially a charging section in relation to settled property which contains no specific exemption for individuals and as such has no cost implications for the Exchequer.
The Deputy may have in mind section 16 of the Capital Gains Tax Act, 1975, which provides for the exemption from capital gains tax of the first £2,000 of the amount of the chargeable gains (less allowable losses) accruing to an individual (£4,000 in the case of a married couple by virtue of section 13 (4) of that Act) in a year of assessment. The full year cost to the Exchequer of this exemption is tentatively estimated at £3 million in respect of assessments raised in the year ended 5 April 1987.