The Revised Capital Gains Tax Entrepreneur Relief was introduced in Budget 2016 and brought into law in Finance Act, 2015. It provided that a 20% rate of CGT applies in respect of a chargeable gain or chargeable gains on a disposal or disposals of qualifying business assets on or after 1 January 2016 up to a lifetime limit of €1m. The 20% rate was reduced to 10% by Section 26 Finance Act 2016 in the case of disposals made on or after 1 January 2017 with no other changes made to the Relief.
The express aim of the relief is to improve the environment for entrepreneurs and business people setting up or carrying on productive business activities in the State.
This written consultation will run until Friday 24 May 2019.