Dáil Éireann debate -
Tuesday, 25 Apr 1995

Vol. 451 No. 8

Written Answers. - CPT Returns.

Séamus Hughes

Question:

65 Mr. Hughes asked the Minister for Finance the number of companies each paying 10 per cent corporation profits tax up to the amounts of £100,000, £250,000, £500,000, £1 million, £2 million, £3 million, £4 million, £5 million and over for the last year for which figures are available; and within each category, the percentage of the overall 10 per cent corporation tax profits paid to the State. [7479/95]

Minister for Finance (Mr. Quinn)

The latest relevant information available relates to the corporation tax payable by companies with accounting periods falling between 1 April 1992 and 31 March 1993 whose liability to the tax was computed partly or wholly at the reduced rate of 10 per cent. This information is set out in the following table. However, because of the relatively small number of companies whose tax payable was in excess of £3 million, the precise breakdown requested by the Deputy is not given in order to protect the confidentiality of individual taxpayers.

Companies which qualify for the reduced rate of 10 per cent on a portion of their taxable profits are included in the table in respect of their total tax liability, i.e. tax paid at both the 10 per cent rate and the 40 per cent rate. It is not possible to isolate the tax attributable solely to the 10 per cent rate in such cases because certain reliefs relating to the income liable for tax at both the standard and reduced rates are set off against the overall tax liability after the relief at 10 per cent has been computed.

Corporation Tax Liability 1992-93

Range of tax payable	Number of companies liable at 10%	Tax payable in each range as % of total
£		£		%
	NIL		65	0.0
1	—	100,000	3,988	9.5
100,001	—	250,000	278	8.2
250,001	—	500,000	171	11.4
500,001	—	1,000,000	109	13.3
1,000,001	—	2,000,000	53	14.1
2,000,001	—	3,000,000	18	8.0
over 3,000,000	26	35.5
All cases	4,708	100.0