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Financial Resolution No. 14: Capital Acquisitions Tax

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Financial Resolution No. 14: Capital Acquisitions Tax

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Snippet Contents:

I agree that at this time in the economic cycle, this measure is appropriate. We need cash and if it is available from the sale of property, other capital assets, shares or investment, the taxpayer should be entitled to get a reasonable dividend with an increase in the rate by 3%.
Financial Resolution No. 13 concerns capital acquisitions tax, with the current rate of 30% being increased by 3% to 33%. That applies to gifts after midnight and is expected to yield €27 million in a full year. We broadly support that measure, which is broadly in line with what we had in our budget proposals. Financial Resolution No. 14 is the last one to be dealt with tonight. Tax-free thresholds with regard to capital acquisitions tax are being reduced by 10%, and that will affect people transferring property. It can apply to farm land and other assets. We did not specifically include this measure in our proposal but it is generally in line with the previous three resolutions. I am not particularly gone on this one.
There are a number of resolutions being taken together. We have no problem supporting Financial Resolutions Nos. 10 to 13, inclusive, and I will not oppose Financial Resolution No. 14. In general, we are supportive of this group of resolutions.