Brian O'Shea
Question:246 Mr. O'Shea asked the Minister for Finance the proposals he has to abolish the 2% levy on insurance; and if he will make a statement on the matter. [25859/00]
Written Answers. - Stamp Duty.
Stamp duty at 2% is imposed on almost all non-life insurance premia. The exceptions are reinsurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance. The levy was introduced to broaden the stamp duty base, thereby raising additional revenue from a source other than income tax. The yield from this source was £37.9 million in 1999. I have no plans, at present, to abolish this levy.
Brian O'Shea
Question:247 Mr. O'Shea asked the Minister for Finance the history of the 2% levy on insurance since its introduction; and if he will make a statement on the matter. [25860/00]
The stamp duty levy referred to by the Deputy was originally introduced in 1982 at a rate of 1% on chargeable non-life premiums. The rate was subsequently increased to 2% in 1993. The levy is imposed on almost all non-life insurance premia. The exceptions are reinsurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance. The levy was introduced to broaden the stamp duty base, thereby raising additional revenue from a source other than income tax. The yield from this source was £37.9 million in 1999.