CGT ‘barrier to Silicon Valley-style growth’
High capital gains taxes encouraging entrepreneurs to domicile elsewhere
Ireland will never create a Silicon Valley-style network of angel investors unless it reforms its capital gains tax laws, according to serial technology entrepreneur Pat Phelan.
Phelan, who co-founded Trustev, the Cork-based fraud prevention firm, said he had paid a seven-figure sum to the Revenue Commissioners after selling the business to Transunion for $44 million last year.
“It’s not a problem paying it, but I could do so much more myself with it ...
