Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

In budget 2017, the Government reduced capital gains tax to help entrepreneurs, bringing this relief more in line with that in operation in the UK. We are providing a lower 10% level of capital gains tax for entrepreneurs on disposals of qualifying assets up to a lifetime limit of €1 million. Capital gains tax entrepreneurial relief introduced in 2017 provides for a reduced CGT rate of 10% for entrepreneurs. The reform of CGT is a work in progress and I have secured the competitive 10% CGT rate. The relief will be kept under consideration and, depending on its operation and the resources available, can be revisited in the context of future budgets. My objective is to deliver 10% on lifetime gains of up to €10 million. I will continue to advocate for further enhancements to the threshold.

The Deputy gave a list of competitiveness factors. I have other numbers and I am very willing to share them with the Deputy. They are on the public record with regard to the World Bank ranking, the World Economic Forum and the IMD ranking. The Deputy mentioned the goods market efficiency in Ireland, where we are rated fifth and the UK is ninth. There are numbers and statistics. My target for the IMD report for next year in the Action Plan for Jobs is to go from seventh to fifth.

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