Entrepreneurs’ tax relief plan still awaiting approval

Finance Minister Michael Noonan has said it remains unclear as to how long it will take to formally introduce capital gains tax relief for entrepreneurs — as proposed in last October’s budget — but added his department is continuing to seek the necessary EU approval for such a move.

The relief measure — for entrepreneurs who re-invest the proceeds from asset disposals, made since the start of 2010 — was one of the proposals made in Budget 2014 which led to most business lobby groups hailing the Government’s latest financial plan as being the most positive one for the business community seen in years.

But, in a written response to a parliamentary question from Sinn Féin’s spokesperson on Finance, Pearse Doherty, relating to what measures from the past two budgets are still awaiting EU approval, Mr Noonan noted that the section of the last Finance Act allowing for the CGT relief issue requires a Commencement Order, which has not been made.