Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I acknowledge that we will need to see how this new initiative goes. In so far as it goes, it is to be welcomed. In general we should have more incentives to support enterprise, start-up businesses and entrepreneurial activity because, increasingly and particularly at the high end, they are choosing locations other than Ireland because of the capital gains tax regime. I just gave the example of the UK which has a 10% rate as opposed to our 33% rate. It is an issue we need to watch very closely.