asked the Minister for Finance the estimated cost in revenue terms for the year 1988 of the following income tax allowances (a) VHI relief, (b) retirement pensions relief, (c) mortgage interest relief, (d) life assurance relief and (e) personal allowances.
Written Answers. - Income Tax Allowances.
36.
As the reply contains statistical data, I propose to circulate it in the Official Report. The following table sets out the information requested in so far as it is available. The relevant statistics available are in respect of the income tax year 1988-89 except where otherwise indicated.
Estimated full year cost to the Exchequer
|
Allowance or relief |
1988-89 |
|
Medical insurance (VHI) |
48 |
|
Employees contributions to approved superannuation schemes* |
48(1987) |
|
Retirement annuity premiums by self-employed* |
16(1985-86) |
|
Lump sum retirement benefits paid under superannuation schemes* |
49(1987) |
|
Mortgage interest |
160 |
|
Life assurance |
44 |
|
Personal allowances |
|
|
Married |
753 |
|
Single |
415 |
|
Widowed |
57 |
|
One-parent family |
12.5 |
|
Employee (PAYE) |
286 |
|
PRSI |
84 |
*These estimates are very tentative and are subject to a wide margin of error.