Dáil Éireann Debate, Tuesday - 13 June 2023
345. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue that would be generated in 2024 by introducing a 40% rate of capital gains tax on the disposal of assets made by persons in cases in which the gains accrued are in excess of individual incomes in excess of €500,000, in order that the 40% rate only applies to gains made above the aforementioned threshold, assuming the application of the revised entrepreneur relief. [27128/23]
View answerIt is assumed that the Deputy is referring to increasing the rate of Capital Gains Tax on net chargeable gains in excess of €500,000, for individuals with incomes in excess of €500,000, and assuming the continuation of entrepreneur relief.
I am advised by Revenue that the estimated full year gain from the increase in rate to 40 per cent for the proposed change is in the region of €21 million. This estimate is based on 2020 data, the latest year for which fully analysed data are available and assumes the continuation of entrepreneur relief. Additionally, it assumes no change in behaviour by individuals resulting from the increase in the tax rate.
