Friday 21 July 2017

Budget 2017: Entrepreneurs can look forward to new lower rate of capital gains tax

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Ailish O'Hora

Ailish O'Hora

The government is to introduce a new lower rate of capital gains tax of 10pc for entrepreneurs in Budget 2017, Independent.ie has learned.

This new lower rate applies to applies to the sale of all or part of a business with an overall limit of €1m in chargeable gains.

The current CGT rate for entrepreneurs is 20pc.

In the UK, a 10pc rate also applies for entrepreneurs but the limit is a more generous £10m.

The new rate is only one of a range of measures expected to be announced today by Ministers Michael Noonan and Paschal Donohoe.

Currently, the standard capital gains tax rate is 33pc.

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