(Limerick West) asked the Minister for Finance the amount collected in farming tax in 1979, 1980, 1981 and 1982 and the expected amount for 1983; and the cost of the collection in each year.
Written Answers. - Farming Tax.
444.
Income tax on farming profits is collected with Schedule D tax generally. Accordingly, separate figures are not available for tax on farming profits. However, the following are the estimated amounts of income tax in respect of farming profits paid by farmers in each of the years mentioned:
|
Year |
Income Tax |
|
£m. |
|
|
1979 |
16.0 |
|
1980 |
25.0 |
|
1981 |
20.0 |
|
1982 |
24.0 |
|
1983 |
47.0 |
|
(1983 budget estimate) |
It is not possible to isolate the cost of collecting tax on farming profits from the overall cost of the administration of taxation as a whole. For the year 1981, the latest year for which statistics are available, the cost of administering inland revenue duties is estimated at 1.9 per cent of the net receipts of those duties (£2,150.0 million) in that year.
The increase in the estimated receipt for 1983 (as compared with 1982) is largely due to:
(a) a change in the payment dates for income tax on farming profits so that the 1983 figure represents 1½ years' tax;
(b) the removal of the income tax credit for rates on farm land as announced in the budget, 1983, in line with the phasing-out of agricultural rates, now completed.