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Raising CGT Exemption

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  • 23-04-2019 2:53pm
    #1
    OEP
    Registered Users Posts: 1,157 ✭✭✭


    The CGT exemption in Ireland is 1270 EUR, which is incredibly low. For example in the UK it is around 11000 GBP. A poster here on a previous thread pointed out that the 1270 is a straight conversion from 1000 Punts - and he was correct.

    On that note, do people think it is worthwhile to lobby the Government / Minister for Finance to increase this exemption? I genuinely believe it is something that has never really appeared on their radar, given Ireland doesn't have a large community of small time investors. Raising this to similar levels as the UK is not going to have an great impact on tax intake. It benefits the middle income person, who's a small time investor and maybe makes a few grand a year - the difference between 1270 and 11000 is huge for these people. It doesn't make a difference to the big guys, so it would be a plus for the government to be helping out the "squeezed middle". It would also make investing more attractive to people, taking the focus that is currently solely on property.

    How does one go about lobbying for a change like this? Is it a simple as writing a letter to your TD and or the minister?


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    #2
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    Not sure how, but it is a joke and needs changing.

    Might as well not be an exemption at all.

    Count me in.


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    #3
    Danger781
    Registered Users Posts: 5,686 ✭✭✭Danger781


    Perhaps emailing your local TDs asking them their opinions on this, and asking for advice on how to seek an increase outside of voting for politicians who supposedly will campaign for this.


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    #4
    LariToper
    Registered Users Posts: 137 ✭✭LariToper


    This is definitely something I could get behind. It seems like a realistic ask that an effective TD could push through, if someone put this on their agenda they'd be getting my vote. Probably the biggest difference that any tax change could make to my net income.

    However I think the small time investor may be too small a target market to make it worth a politician's effort. Also it could get backlash from the uninformed as only helping the "1%". I think its easier to keep more people happier by making any smaller insignificant changes to USC


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    #5
    DubCount
    Registered Users Posts: 1,068 ✭✭✭DubCount


    This is a good idea - but stands no political chance of ever happening. Our left wing politician friends would be screaming about this. "Helping the rich in stead of increasing social welfare, or reducing tax for the low paid, or pay increases for civil servants or .......". Many people will never face a CGT bill, so its too far down any politicians wish list. I dont think any amount of lobbying will work. In election mode they will all tell you they think its great - but I can never see it happening.


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    #6
    OEP
    Registered Users Posts: 1,157 ✭✭✭OEP


    LariToper wrote: »
    This is definitely something I could get behind. It seems like a realistic ask that an effective TD could push through, if someone put this on their agenda they'd be getting my vote. Probably the biggest difference that any tax change could make to my net income.

    However I think the small time investor may be too small a target market to make it worth a politician's effort. Also it could get backlash from the uninformed as only helping the "1%". I think its easier to keep more people happier by making any smaller insignificant changes to USC

    Yes, you're probably right. If an intelligent TD could get behind it, and use it in a way that doesn't have to be broadcast to the masses but people in the know would somehow realise what's going on. Wishful thinking I suppose!


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    #7
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    You could make it a north or south of the border issue.

    How much better off the north is for x y and z.


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