Brendan Griffin
Ceist:289. Deputy Brendan Griffin asked the Minister for Finance if he will consider a reduction in capital gains tax in the 2018 budget; and if he will make a statement on the matter. [20823/17]
Amharc ar fhreagraTuesday, 2 May 2017
Ceisteanna (289)
Freagraí scríofa
I am advised by Revenue that it is estimated that annual the tax cost for each one per cent reduction in the standard Capital Gains Tax (CGT) rate of 33% is in the region of €25 million.
It is estimated that the tax cost of the annual exemption for individuals (€1,270) was €12m in 2015, the latest year for which full data are available.
Other costings are shown in the Revenue Ready Reckoner available at:
http://www.revenue.ie/en/about/statistics/ready-reckoner.pdf).
I do not have any immediate plans to reduce the rate of CGT or to increase the allowable tax-free annual gain. In common with all taxes, however, CGT is subject to on-going review, in which the rate of tax and all reliefs and exemptions are carefully considered. However, decisions concerning changes to taxes, generally, are taken in the course of the Budgetary and Finance Bill process, and I am sure the Deputy will not expect me to divulge any plans I may have for those at this time.