Tony Gregory
Question:40 Mr. Gregory asked the Minister for Finance, further to his reply to Question No.117 of 20 November 1996, if he will give this information in respect of the income tax years 1993-4 and 1994-5. [23601/96]
Written Answers. - Tax Reliefs.
The relevant information available in respect of income tax years 1993-4 and 1994-5, except where otherwise indicated, is as follows:
|
Allowance/Relief |
1993-94 |
1994-95 |
|
£m |
£m |
|
|
Purchase of shares(1) |
Not available |
Not available |
|
Cospoir(2) |
Not available |
Not available |
|
Urban Renewal(3) |
19.7 (1993) |
46.0 (1994) |
|
Income from qualifying shipping trades(4) |
2.5 |
2.0 |
|
Investment in films |
18.5 |
39.0 |
|
Expenditure on certain buildings in designated |
Included with urban renewal areas |
|
|
Rented residential accommodation (‘Section 23’)(5) |
17.6 (1993) |
Not available |
|
Investment in Corporate trades (‘BES’)(6) |
12.1 |
25.1 |
These figures are provisional and subject to revision.
(1) Statistics are not available which would enable the precise information requested by the Deputy to be provided in respect of share purchase schemes qualifying for tax relief under the provisions of section 12 of the Finance Act, 1986. It is tentatively estimated that share purchases by employees over the period from 1987 to date, relating to income tax years 1986-7 to 1994-5, were accorded tax relief at an approximate cost to the Exchequer of £1.9 million.
(2) The estimated cost of the relief is not available. Cospoir ceased to function in 1995.
(3) The cost figure relates to the relief for capital allowances in respect of all non-residential urban renewal projects. No estimate is available for the cost of other aspects of this scheme except for the estimated cost of "section 23" relief. See footnote (5) below.
(4) The figures in the table are the tentatively estimated costs of extending the 10 per cent rate of corporation tax for shipping companies in respect of accounting periods ending between 1 April 1993 and 31 March 1994 and between 1 April 1994 and 31 March 1995. The estimated cost of any other reliefs availed of by the shipping trades is not available.
(5) This is the cost in 1993, the latest year for which the figures are available, for both the nationwide scheme which terminated in July 1992 as well as the urban renewal element of the scheme.
(6) These figures are based on applications approved up to 5 April 1994 in respect of 1993-4 and up to 5 April 1995 in respect of 1994-5.