TOM MAGUIRE

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

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

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