Departmental Data

Dáil Éireann Debate, Thursday - 14 July 2022

Thursday, 14 July 2022

Questions (307)

Pearse Doherty

Question:

307. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 177 of 21 June 2022, if the revenue generated with respect to a 40% rate of capital gains tax on individual incomes in excess of €500,000, including income from gains, was calculated on the basis of the farm restructuring relief, revised entrepreneur relief and retirement relief applying to the applicable income before the proposed 40% rate is applied; and if he will make a statement on the matter. [39474/22]

Written answers

Minister for Finance

I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 included the impact of entrepreneur relief.

Due to the level of information provided on tax returns, Revenue does not have sufficient data to include the impact of farm restructuring and retirement relief in the estimate.