With the Budget less than 24 hours away, Minister for Finance Paschal Donohoe will deliver his first Budget tomorrow, 10 October.
He has been clear about his intent to create a pathway to prolonged stability and certainty – by balancing the books, investing in infrastructure and supporting business and families as they plan for the future.
It has been widely reported that some measures that may be announced in Budget 2018 include an increase in stamp duty rate for commercial property, an increase in standard income tax band and some changes to gift and inheritance thresholds.
Tax should not be a disincentive to the growth of business.
We deal with business owners and entrepreneurs, the people who provide jobs throughout the country. We firmly believe that people need to be supported and that the growth of their business needs to be encouraged across the board. Our national tax policy should provide this support. It is my view that the following measures could help:
- Equal tax treatment for the self- employed and employees/directors – in particular tax credits and USC treatment is disadvantageous to the self-employed.
- Reduction in Capital Gains tax rate to encourage more capital transactions
- Increase in Entrepreneur Relief threshold (currently €1m) to bring it in line with UK relief (currently £10m).
- Increase in Capital Acquisition Tax thresholds to take dramatic property value increase into account.
We are looking forward to seeing what announcements tomorrow may bring.