Galway TD calls for Capital Gains Tax to be reduced on sale of development land

Galway Bay fm newsroom - A Galway TD is calling for the Capital Gains Tax to be revised downwards on the sale of development land.

Galway East Deputy Sean Canney feels the measure is needed to ensure more land is made available to help alleviate the ongoing housing crisis.

Capital Gains Tax is paid on any profit made when you dispose of an asset.

Deputy Canney argues the current rate of 30 percent was set in a very different time.

He says it's now a huge deterrent to landowners making land available for residential development.

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