asked the Minister for Finance the current estimated revenue yield to the Exchequer of an increase of (a) 1p on a pint of stout (b) 1p on a glass of spirits (c) 10p on a bottle of wine (d) 2p on a packet of 20 cigarettes and (e) ten per cent on betting tax.
Written Answers. - Tax Yields.
66.
It is estimated that the additional yields to the Exchequer from various duty increases operating for a full year would be as follows:
|
Increase |
Yield |
|
£million |
|
|
1p on a pint of beer (including stout) |
5.4 |
|
1p on a glass of spirits |
2.1 |
|
10p on a bottle of wine |
1.1 |
|
2p on a packet of 20 standard size plain cigarettes |
6.7 |
|
10% increase on betting duty |
|
|
(from 20% to 22%) |
0.7 |
Both the duty increase figures and the estimated yields make allowance for value-added tax.
67.
asked the Minister for Finance the net loss of revenue to the Exchequer of (a) a ten per cent reduction in the standard rate of income tax and (b) a ten per cent reduction in the rate of corporation tax.
If the 10 per cent surcharge were removed in order to provide a 35 per cent rate, the cost would be approximately £21 million in a full year. A reduction of 10 per cent in the rates of corporation tax would cost about £7 million in a full year.
68.
asked the Minister for Finance the estimated revenue in one year from a reduction of the minimum valuation on farm holdings above which farmers must pay income tax to each of the following values : £75, £60, £50 and £40.
The estimated revenue in a year from a reduction of the £100 threshold of rateable valuation for purposes of the taxation of farming profits, assuming (i) continuation of the notional basis as at present (ii) a notional basis with a full-value multiplier would be as follows:
|
Reduction in threshold to |
Estimated revenue |
|
|
(i) |
(ii) |
|
|
(£) |
(£m) |
(£m) |
|
75 |
3.2 |
9.0 |
|
60 |
3.4 |
15.0 |
|
50 |
3.8 |
19.5 |
|
40 |
4.0 |
25.0 |
69.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of 1p in the excise duty on a pint of beer; and the effect of such an increase on the consumer price index.
70.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of 1p in the excise duty on a glass of spirits; and the effects of such an increase on the consumer price index.
71.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of 1p in the excise duty on a gallon of petrol; and the effect of such an increase on the consumer price index.
72.
asked the Minister for Finance the estimated yield to the Exchequer of an increase in excise duty of 1p on a packet of 20 cigarettes with pro rata increases in cigar and pipe tobaccos; and the effect of such an increase on the consumer price index.
73.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of 1p per gallon on all hydrocarbon oils other than dutiable petrol and disel togehther with liquified petroleum gases; and the effect of such an increase on the consumer price index.
74.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of £1 per horse power on all private motor vehicles excluding taxis and school buses; and the effect of such an increase on the consumer price index.
I propose, with the permission of the Ceann Comhairle, to take Questions Nos. 69 to 74, inclusive, together. The information requested is as follows:
|
Increase in duties |
Yield in a full Year |
Increase in Consumer Price Index (percentage points) |
|
£m |
||
|
†1p on a pint of beer |
5.4 |
0.22 |
|
†1p on a glass of spirits |
2.1 |
0.05 |
|
†1p on a gallon of petrol |
2.4 |
0.06 |
|
†1p on a packet of 20 standard size cigarettes with pro rata increases in cigar and pipe tobaccos |
3.4 |
0.10 |
|
†1p on a gallon of all hydrocarbon oils other than dutiable petrol and diesel— together with liquified petroleum gases |
8.0 |
0.02 |
|
†£1 per horse power on all private motor vehicles excluding taxis and school buses |
6.0 |
0.01 |
†Both the duty increase figures and the estimated yields make allowance for value added tax
75.
asked the Minister for Finance the estimated yield to the Exchequer of an increase of 1 per cent on each of the individual rates of VAT and the effect of such an increase on the consumer price index.
It is estimated that an increase of 1 percentage point in each of the VAT rates of 0 per cent, 10 per cent and 20 per cent and in the manufacture/import tier of the two-tier rates of 35 per cent and 40 per cent would produce additional revenue to the Exchequer of £34 million in a full year and would add 0.78 per cent to the consumer price index.