Where an individual disposes of an asset it is the capital gain realised on the asset only which is subject to capital gains tax — CGT — not the asset itself. Moreover, capital gains tax is only payable on the real gain — i.e. the gain net of inflation. The first £1,000 worth of real gains made by an individual in each year of assesment is exempt. In the case of married couples, the first £2,000 each year is exempt. These significant reliefs mean that the effective rate of capital gains tax is generally well below the nominal rate of 40 per cent. There are also a number of investment options which are either exempt from tax or subject to tax concessions, for example, Savings Certificates and Savings Bonds which are completely tax-free and Government gilts which are exempt from capital gains tax in the hands of individual investors. In addition, an individual can invest up to £50,000 — £100,000 in the case of a married couple — in a Special Savings Account which is subject to DIRT at the concessionary rate of 10 per cent. Moreover, individuals over 65 years of age who are not liable or fully liable to income tax can obtain a refund of DIRT from the Revenue Commissioners. All of the above reliefs are of considerable benefit to retired people over 65 years. Accordingly, I do not propose to provide any additional capital gains tax relief for these people.