Dáil Éireann Debate, Tuesday - 15 October 2024
213. Deputy Jim O'Callaghan asked the Minister for Finance the estimated cost of adjusting entrepreneur relief from a 'per venture' limit to a 'lifetime limit' post the enactment of measures announced in Budget 2025. [41498/24]
Amharc ar fhreagraRevised Entrepreneur Relief is provided for in Section 597AA of the Taxes Consolidation Act 1997. It provides that a reduced rate of 10% of Capital Gains Tax (CGT) applies in respect of a chargeable gain or chargeable gains on a disposal or disposals of qualifying business assets by an individual up to a lifetime limit of €1 million. Any chargeable gain in excess of the €1 million lifetime limit is to be taxed at the standard rate of CGT (currently 33%).
As the relief currently applies up to a lifetime limit of €1 million, I understand the Deputy is asking the estimated cost of adjusting the relief from a ‘lifetime limit’ to a ‘per venture’ limit. I am advised by Revenue that, as the relevant tax returns do not include information regarding the overall portfolios of qualifying business assets held by entrepreneurs or their likely patterns of disposal, data is not available from which to estimate the likely cost of the change outlined by the Deputy.
