entrepreneurial companies. But the question remains regarding the entrepreneurs themselves; there was no proposed reduction in the CGT rate which at 33pc remains one of the highest rates in the OECD. That matters. Especially when you consider the rate was 20pc back in 1998 having decreased from 40pc before that. When the rate dropped its yield increased substantially and we should think about this again.
Further, if an entrepreneur builds up a business then he or she can avail of entrepreneur relief which reduces the rate to 10pc on the first €1m of gains on disposing of the business. To qualify, among other conditions, an individual must own at least 5pc of the business and have spent a certain proportion of their time working there as a director or employee for three out of the previous five years, prior to disposal. However, the UK offers a 10pc rate on £10m of gains over