Capital gains tax may hit 25%

CAPITAL gains tax could rise to 25% next year PricewaterhouseCoopers tax partner Anne Fitzgerald fears.

Addressing members of the business community at a post-Budget breakfast briefing yesterday Ms Fitzgerald said that she fears CGT may be increased next year.

The PwC expert acknowledged there was not as much sales activity prior to this year’s Budget as in previous years, because potential taxpayers and their advisers did not anticipate any increases in CGT this year. “While CGT rates did not change this year, 5% may be added to the rate between now and the next election.”