Dáil Éireann Debate, Tuesday - 27 July 2021
446. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue that would be generated in 2022 by introducing a 40% rate of capital gains tax on the disposal of assets made by persons in cases in which the gains accrued are in excess of individual incomes of €200,000, €300,000, €400,000 and €500,000, in order that the 40% rate only applies to gains made above the aforementioned thresholds. [41355/21]
View answerIt is assumed that the Deputy is proposing a higher rate of Capital Gains Tax (CGT) for individuals with income in excess of the thresholds noted, who also have taxable gains in excess of the same thresholds.
I am advised by Revenue that the estimated revenue generated from the proposed rate of 40% is as outlined in the table below. The estimates are based on income and CGT returns for the tax year 2018, that latest year for which full income information is available. The estimates assume no change in behaviour by individuals resulting from the increase in the tax rate and do not include any yield in respect of companies.
|
Income and Taxable Gains Threshold |
Yield €m |
|
Above €200,000 |
69 |
|
Above €300,000 |
41 |
|
Above €400,000 |
35 |
|
Above €500,000 |
28 |
