asked the Minister for Finance if he will give an estimate of the annual cost to the Exchequer in lost revenue of the exemption granted to individuals under section 16 of the Capital Gains Tax Act, 1975; and if he will make a statement on the matter.
Written Answers. - Capital Gains Tax Exemption.
24.
Section 16 of the Capital Gains Tax Act, 1975, 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 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.