Eoin Ryan
Question:76 Mr. E. Ryan asked the Minister for Finance the amount of revenue raised from capital gains tax in each of the years from 1990 to 1992.
Written Answers. - Capital Gains Tax Yield.
The figures requested by the Deputy are set out below, together with an explanatory note.
Yield of Capital Gains Tax.
|
Year |
Net Receipts |
|
£ million |
|
|
1990 |
28.1 |
|
1991 |
48.1 |
|
1992 |
57.8 |
The yield in 1991 was increased by the once-off cash-flow effect of the introduction of Self Assessment in that year. The improvement in the 1992 performance over 1991 is due to a combination of factors, namely, once-off payments of tax on unit trusts held by insurance companies under the option granted by section 36 of the Finance Act, 1992, and the acceleration of property disposals prior to 6 April 1992 in advance of the introduction of a single rate of Capital Gains Tax of 40 per cent which applies to disposals made on or after that date.