Michael McGrath (Cork South Central, Fianna Fail)
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62. To ask the Minister for Finance to set down the first-year cost of reducing the capital gains tax rate by 1% and by 8%; and if he will make a statement on the matter. [2473/16]

Michael McGrath (Cork South Central, Fianna Fail)
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63. To ask the Minister for Finance further to Parliamentary Question No. 158 of 15 December 2015 the combined cost of increasing the overall limit from €1 million in chargeable gains for qualifying for capital gains tax entrepreneur relief to €15 million while reducing the rate applied to gains under capital gains tax entrepreneur relief to 10% and reducing the overall capital gains tax rate from 33% to 25%; and if he will make a statement on the matter. [2474/16]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 62 and 63 together.

In relation to the first question, I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage:

.

In relation to the Deputy's specific question, potential costs from reducing the rate of Capital Gains Tax (CGT) can be found in the post-Budget 2016 Ready Reckoner:

.

While the Ready Reckoner does not show all of the specific costings requested by the Deputy, changes can be estimated broadly on a pro-rata basis with those displayed in the Reckoner.

In relation to the second question, I am further informed by the Revenue Commissioners that the estimated full year combined cost of (i) increasing the overall limit from €1 million in chargeable gains for qualifying for CGT entrepreneur relief to €15 million while (ii) reducing the rate applied to gains under the CGT entrepreneur relief to 10 per cent and (iii) reducing the overall CGT rate from 33% to 25%, is in the region of €220 million. The cost includes the effect on corporate gains which are taxed at the CGT rate but are normally collected as Corporation Tax. It should be noted that this estimate assumes no behavioural changes on the part of taxpayers.