Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

The business expansion schemes were superseded by the employment and investment incentive scheme, which provides individual investors with a tax relief of up to 30% in respect of investments to a maximum of €150,000. In the UK, an investor in a new start-up business can benefit from tax relief of 30% on investments of up to £1 million.

The problem for entrepreneurs is that if they set up a business in this country and it is successful and they want to sell it, they will be penalised by capital gains tax. This disincentive is leading to entrepreneurs choosing to set up a business in the United Kingdom. Similarly, the UK authorities' incentive strategy which allows people to invest in their businesses is ten times better than what we have. This is what entrepreneurs are saying to us, but we do not appear to be taking it on board or doing anything about it. If we want to reach our targets in the Action Plan for Jobs, as I hope we will, why are we not taking these practical measures?

See this speech in context