asked the Minister for Finance if he will explain why DIRT is yielding so much more than estimated in the budget; and if in view of the hardship caused to pensioners and retired people by the tax, he will review the operation of the tax on such people.
Written Answers. - DIRT Yield.
185.
The deposit interest retention tax has yielded £5 million more in 1986 than the budget estimate of gross yield from the tax. This £5 million represents less than 4 per cent of the estimated gross yield and is within normal limits for the estimation of receipts from a new tax.
I am conscious of the effect of the tax on those aged over 65, and that is why I provided in the Finance Act, 1986, that retention tax may be repaid to persons aged 65 years or over who would not otherwise be liable to tax on the relevant deposit interest.