Capital gains tax take soars 155%

INVESTORS fearful capital gains tax (CGT) could be increased in December’s Budget have raked in €2.7 billion in profits as they push the take from CGT up by 155%.

The latest Exchequer returns show that the take from CGT has grown by 155% in the nine months to September over the same period in of 2003. The take from January 1, 2003 to September 30, 2003 was just €220.76 million compared to €563.72 million from January 1, 2004 to September 30, 2004.

The €563.72 million CGT take represents 20% of gross taxable profits of €2.683 billion declared by investors in the nine month period to the end of September.