Vol. 470 No. 1
143 Mr. M. McDowell asked the Minister for Finance the estimated yield to the Exchequer of capital acquisitions tax for 1996 and 1997; the amount which will be raised through inheritance tax; the amount which will be raised through gift tax; the estimated cost to the Exchequer of reducing the top rate of capital acquisitions tax to 25 per cent; and if he will make a statement on the matter. [18371/96]
I am informed by the Revenue Commissioners that the estimated yield to the Exchequer from capital acquisitions tax for 1996 is £77 million. This figure comprises £44 million for mainstream inheritance tax, £8 million for gift tax, £14 million for probate tax and £11 million for discretionary trust tax. In this connection, it should be noted that probate tax and discretionary trust tax are inheritance taxes. It is not possible to estimate the yield to the Exchequer from capital acquisition tax for 1997 in advance of the budget.
The estimated cost to the Exchequer of reducing the top rate of capital acquisions tax to 25 per cent is £11 million. As data are not available to enable a reliable costing to be made, this figure is tentative.
