Dáil Éireann Debate, Tuesday - 21 June 2022
177. Deputy Pearse Doherty asked the Minister for Finance the estimated first and full-year revenue that would be raised by introducing a 40% rate of capital gains tax on individual incomes in excess of €500,000, inclusive of income deriving from capital gains. [32481/22]
Amharc ar fhreagraI 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 would be in the order of €70 million.
This full-year estimate is based on 2019 data, the latest year for which fully analysed data are available, with the higher proposed rate being applied to the proportionate amount of the gains above the combined threshold only. This estimate assumes no change in behaviour by individuals resulting from the increase in the tax rate.
The first year yield would depend on the timing of the introduction of the change.
