CGT reform ‘must follow business-friendly package’

Real reform on capital gains tax for entrepreneurs in next October’s budget needs to be one of the follow-on policies from yesterday’s package of programmes, which were broadly viewed as being friendly to the small business community.

CGT reform ‘must follow business-friendly package’

Backing up his claim that SMEs were the lifeblood of the economy, Michael Noonan touched on a range of initiatives for the sector yesterday, including a re-launch of the disappointing Seed Capital scheme, to be renamed the Start-Up Relief for Entrepreneurs scheme; improvements to the remit of the Credit Review Office (which will soon see loans by Permanent TSB and potentially, Ulster Bank qualify for review); improving the Foreign Earnings Deduction; and the imminent launch of the Strategic Banking Corporation of Ireland, the State’s new so-called SME Bank.

Importantly, the three-year corporation tax relief for start-up firms is to be extended, and improvements have been made to the Employment and Investment Incentive Scheme (EIIS), increasing the amount of finance that a company can raise to €5m per annum, subject to a lifetime cap of €15m.

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