Paul Gavan (Sinn Fein) | Oireachtas source

I move recommendation No. 11:

In page 94, after line 34, to insert the following:

“Report on applying CGT to all sales of property by IREFs

39. The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on applying the full rate of Capital Gains Tax of 33 per cent to all sales of property by IREFs, as opposed to current rules whereby tax on capital profits is paid only through a Dividend Withholding Tax when the IREF makes a distribution.”.

This is a reasonable request that the Minister shall, within six months of the passing this Act, prepare and lay before Dáil Éireann a report on applying the full rate of capital gains tax of 33% to all sales of property by Irish real estate funds, IREFs, as opposed to current rules whereby tax on capital profits is paid only through a dividend withholding tax when the IREF makes a distribution. We think there could be potential here and are calling for a report.