asked the Minister for Finance if he will state the total amount of income-tax repaid under Section 7 of the Finance Act (No. 20), 1932, to holders of certain Saorstát Eireann securities during the years ended (1) 31st March, 1933; (2) 31st March, 1934; and (3) 31st March, 1935.
Ceisteanna—Questions. Oral Answers. - Repayment of Income-Tax.
I would refer the Deputy to the reply which I gave to a similar question by Deputy Norton on the 28th May, 1935 (Official Report, Column 1842). As I pointed out on that occasion, the first issue of capital in respect of which a certificate under Section 7 of the Finance Act, 1932, was granted was not made until July, 1933, and there were only two such issues, both of them small, prior to December, 1933. Prior to December, 1934, there were nine such issues. It must be remembered, however, that in the case of stocks, shares, or securities issued for public subscription a considerable period normally elapses between the date of the prospectus and the first payment of dividends or interest on the issue. As I stated before, the cost of the relief was nil for 1932/33 and was negligible for 1933/34. As regards the financial year 1934/35, relief under Section 7 of the Finance Act, 1932, was allowed by repayment or otherwise during that year to the extent of approximately £15.
When the Minister says that the amount paid in relief in respect of the year 1934 was negligible, are we to understand that it was less than £15?
I do not know what the Deputy would regard as negligible, but I think I should regard something less than £15 as negligible.
In view of the fact that the Minister gives us the figure for 1935, can we take it that the figure for 1934 which he describes as negligible was less than that amount?
The Deputy may take that if he so wishes.
Without being misled by myself or the Minister?
The difficulty is that Deputies do not ask the questions they really want answered. As the Deputy is no doubt aware, claims in respect of this concession may be made any time within six years after tax has been deducted in respect of any of these dividends, and, therefore, the amount of the repayments made during the years I have referred to do not represent the value of the concession.
I asked the Minister for exactly what I wanted— the amount of money actually paid out. Is the Minister in a position to state the amount of claims made in respect of these years?
I think the Deputy may take it that all the claims made have been met.