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Chapter 6
Capital Gains Tax
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Amendment of section 597AA of Principal Act (revised entrepreneur relief)
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51. Section 597AA of the Principal Act is amended—
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(a) in subsection (3), by the substitution of “Subject to subsections (4) to (4C)” for “Subject to subsection (4)”,
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(b) by the substitution of the following subsection for subsection (4):
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“(4) Where a relevant individual makes a disposal or disposals of the whole or part of chargeable business assets in the period beginning on 1 January 2016 and ending on 31 December 2025—
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(a) the rate of capital gains tax referred to in subsection (3) shall be chargeable only on so much, if any, of the chargeable gain or chargeable gains accruing, when added to the aggregate amount of any chargeable gain or chargeable gains accruing in respect of any previous disposal or disposals of the whole or part of the chargeable business assets made by the relevant individual in that period, that does not exceed €1,000,000, and
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(b) the rate of capital gains tax referred to in section 28(3) shall be chargeable on so much, if any, of the chargeable gain or chargeable gains accruing, when added to the aggregate amount of any chargeable gain or chargeable gains accruing in respect of any previous disposal or disposals of the whole or part of chargeable business assets made by the relevant individual in that period, that exceeds €1,000,000.”,
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and
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(c) by the insertion of the following subsections after subsection (4):
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“(4A) Subsections (4B) and (4C) shall apply where a relevant individual makes a disposal or disposals of the whole or part of chargeable business assets on or after 1 January 2026, and the amount that is the aggregate of—
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(a) the chargeable gain or chargeable gains accruing,
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(b) the aggregate amount of any chargeable gain or chargeable gains accruing in respect of any previous disposal or disposals of the whole or part of chargeable business assets made by the relevant individual on or after 1 January 2026, and
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(c) the aggregate amount of any chargeable gain or chargeable gains accruing in respect of any previous disposal or disposals of the whole or part of chargeable business assets made by the relevant individual in the period beginning on 1 January 2016 and ending on 31 December 2025, provided that where the chargeable gain or chargeable gains so aggregated for such disposals is greater than €1,000,000, the chargeable gain or chargeable gains that shall be so aggregated in respect of such disposals shall be €1,000,000,
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exceeds €1,500,000.
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(4B) The rate of capital gains tax referred to in subsection (3) shall be chargeable only on so much, if any, of the chargeable gain or chargeable gains referred to in paragraph (a) of subsection (4A), when added to the amount of any chargeable gain or chargeable gains referred to in paragraphs (b) and (c) of subsection (4A), that does not exceed €1,500,000.
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(4C) The rate of capital gains tax referred to in section 28(3) shall be chargeable on so much of the chargeable gain or chargeable gains referred to in paragraph (a) of subsection (4A), when added to the amount of any chargeable gain or chargeable gains referred to in paragraphs (b) and (c) of subsection (4A), that exceeds €1,500,000.”.
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