asked the Minister for Finance if he will state what is the amount collected under the increased valuation of 5/4ths on property for income-tax purposes for a period of 12 months up to the latest date for which the figures are available.
Ceisteanna.—Questions. Oral Answers. - Income-tax on Property.
The latest year for which figures are available is the year 1935/6, which happens to be also the first year for which Section 3 of the Finance Act, 1935, was in force. It is impossible to state with accuracy what was the net increase in the yield of income tax to which the section gave rise, because some of the increases in assessments under Schedule A would be eliminated by personal allowances, and increases in the Schedule A assessments on business premises were completely offset by corresponding reductions in the assessments under Schedule D. It is estimated, however, that the net increase in Income Tax in respect of assessments made in the year 1935/6, including tax collected on such assessments subsequent to the 31st March, 1936, lay between £100,000 and £110,000.
That is the estimate of the increased yield due to the five-fourths increase of valuation.
That is the answer to the Deputy's question, which was what the increase due to the five-fourths was.