Breeda Moynihan-Cronin
Ceist:108 Ms B. Moynihan-Cronin asked the Minister for Finance his proposals for increases in the capital gains tax exemption limits; and if he will make a statement on the matter. [21289/02]
Written Answers. - Capital Gains Tax.
There currently is an annual exemption limit for capital gains tax of €1,270. If an individual's chargeable gains in a year are no greater than this amount, that individual has no capital gains tax liability in respect of those gains. If he or she has chargeable gains greater than this amount, €1,270 is deducted from the gains before calculating the liability.
The programme for Government undertakes to increase capital gains tax exemption limits although it does not state a specific level, or state when it will be raised. All commitments, however, must be viewed in the context of the budgetary and economic policy provisions in the Government programme, in particular, the reference to responsible fiscal policy and the need to keep the public finances in a healthy condition. This issue, along with others, will be considered in the context of the forthcoming budget.