Calls for capital gains tax to be cut for entrepreneurs

A halving of the 33% capital gains tax (CGT) rate for entrepreneurs would support new business creation and incentivise risk takers, Chambers Ireland has said.

Despite the Government upping the CGT rate — from 30% to 33% — in December’s Budget, Chambers Ireland yesterday called for a rate of 16.5% to be applicable to entrepreneurs. The measure forms part of its alternative ten-point plan for micro, small and medium- sized enterprises, which it launched yesterday.

Chambers Ireland chief Ian Talbot said that the need for an alternative tax plan, to that set out in Budget 2013, is because the Government’s measures “lacked the necessary ambition to create transformative change”.