Financial Resolution No. 12 increases the rate of capital gains tax applicable to the disposal of all assets from 20% to 22%. Disposal of foreign life assurance policies and units in certain offshore funds is charged to capital gains at the rate of 40%. This increase will offset the reduction being made in regard to the stamp duty applicable to non-residential — commercial — property. It also mirrors the new income levy because all sources of income must contribute to the public finances in the current climate. This measure is estimated to yield €160 in a full year.

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