Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

If an Irish citizen buys an apartment in France and sells it for a profit of €100,000, the French Government will apply capital gains tax. If an Irish resident buys an apartment or a hotel in Ireland and sells it for a profit of €10 million, up until this provision is enacted, he or she will pay capital gains tax. In addition to the point made by the Minister of State, he or she will pay income taxes. Let me explain how it works. Within the company he or she will pay corporation tax and capital gains tax and will then disperse the profits. Withholding tax is applied to the profits and the profits that accrue to the individual are taxed as personal income. It is completely normal business practice for capital gains to be taxed within a company. The person concerned receives credit for the withholding tax.