Inside business podcast: Brexit, exports and tax strategy group
Will there be moves to impose capital gains tax on family homes? And how can exporters cope with the massive uncertainty surrounding Brexit?
Brexit continues to cause uncertainty and concern across the business world. On this week’s show the president of the Irish Exporters Association Nicola Byrne joins Martina Lawless of the Economic and Social Research Institute (ESRI) to discuss the multitude of Brexit issues, the Border and the impact on Ireland’s export sector.
In the second part of the show, Fiona Reddan takes us through some of the ideas being mooted by the tax strategy group. Senior officials have raised the prospect of abolishing relief on family homes from capital gains tax when they are sold.
The measure is one of a number of options on the reform of capital gains tax put forward by the Department of Finance’s tax strategy group.
At present, taxpayers pay capital gains tax at 33 per cent on the increase in value of any property or assets between the time they buy and sell it. However, the family home is exempt from the tax.
In a series of documents designed to inform the Minister for Finance and his Government colleagues of available options ahead of the budget in October, officials set down possible reforms that would involve the partial or complete elimination of the protection of the family home from taxation when it is sold.