Martin Heydon (Kildare South, Fine Gael)
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72. To ask the Minister for Finance if he will consider a reduction in the capital gains tax rate for the sale of small assets of less than €10,000 in value; and if he will make a statement on the matter. [4996/16]

Michael Noonan (Limerick City, Fine Gael)
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I do not have any plans to introduce the change suggested by the Deputy. Capital gains tax (CGT) is charged at a rate of 33% on gains realised or deemed to be realised (in the case of gifts) on the disposal of assets in excess of  an annual tax-free gain of €1,270. In addition, disposals by qualifying individuals of qualifying business assets are charged at a reduced rate of 20% up to a lifetime limit of chargeable gains of €1 million.

It has never been a feature of the CGT code to charge different rates depending on the value of the asset being disposed of. That said, in common with all taxes CGT is subject to ongoing review, in which the rate of tax and all reliefs and exemptions are carefully considered. Decisions concerning changes to taxes, generally, are taken in the course of the Budgetary and Finance Bill process and I will bear the Deputy's suggestion in mind in that context, subject to my continuing in my role as Finance Minister following the formation of the next Government.