Dáil Éireann Debate, Thursday - 10 November 2016
25. Deputy Paul Murphy asked the Minister for Finance if he will conduct a review of the projected cost of the exemption from capital gains tax he granted to investments in commercial property where the property is held for seven years or more; and if he will make a statement on the matter. [34041/16]
Amharc ar fhreagraI am advised by Revenue that it is not possible to estimate with any degree of accuracy the impact of the capital gains tax relief granted in respect of land and buildings, including commercial property, introduced in Budget 2012 and extended in Budget 2014.
I am further advised by Revenue that, in view of the fact that the nature of the relief is time-related and requires a minimum ownership period of 7 years, which ownership period could not commence earlier than 7 December 2011, they will not be in a position to offer initial soundly-based costings until the returns for the tax year 2018 have been processed and that more detailed costings would follow on from the processing of tax returns for years 2019 onwards.
