Dáil Éireann debate -
Thursday, 26 Mar 1992

Vol. 417 No. 7

Written Answers. - Profit-Sharing Schemes.

John V. Farrelly

Question:

120 Mr. Farrelly asked the Minister for Finance if he will give details of the number of companies which are involved in profit-sharing schemes with their employees; the number of employees involved throughout the country and the amount of investment made by employees in these companies; and if he will make a statement on the matter.

Minister for Finance (Mr. B. Ahern)

I am informed by the Revenue Commissioners that they approved 120 profit-sharing schemes, involving about 100 companies, in the period between the introduction of the profit-sharing relief in 1982 and budget day 1992.

On the basis of returns by companies for the tax years up to 5 April 1991, by which date 109 schemes had been approved, the commissioners estimate that a total of close on 50,000 employees had received share allocations under profit-sharing schemes, some in a number of tax years. Profit-sharing scheme shares are purchased with funds from the company which has set up the scheme, and are then allocated to employees: the total value of shares so allocated in the period from 1982 to 5 April 1991 was £63 million.