asked the Minister for Finance the yield in income tax for 1982 arising from the changes stated in his Financial Statement of 25 March 1982.
582.
Written Answers. - Income Tax.
581.
asked the Minister for Finance the cost of the changes in the tax allowances, exemption limits and rate bands as announced in his budget statement of 25 March 1982.
With the permission of the Ceann Comhairle I propose to take Questions Nos. 581 and 582 together.
The post-budget estimate for income tax receipts in 1982 was £1,589.8 million which showed a net reduction of £26.2 million on the pre-budget figure included in the White Paper on Receipts and Expenditure.
The total 1982 cost of the concessions on personal income tax provided for in my Financial Statement of 25 March was £47.9 million of which £39 million was in respect of the cost of changes in the income tax allowances, exemption limits and rate bands. The balance of £8.9 million related to farm taxation, principally the retention of two payment dates for farmer income tax.
Offsetting the cost of the foregoing concessions, I provided for increases in income tax of £21.7 million composed of £15 million revenue buoyancy, £4 million from taxation of benefits-in-kind and restriction of personal interest reliefs and £2.7 million from farm taxation.