Seán Doherty
Question:131 Mr. Doherty asked the Minister for Finance the amount of money raised annually since probate tax was introduced in 1993. [15893/99]
Written Answers. - Probate Tax.
Probate tax was introduced in 1993 in order to increase the yield from capital taxation by applying a relatively modest charge on a wide base to estates passing on inheritance. Probate tax is charged at a rate of 2 per cent on the net value of non-exempt assets left by a deceased, whether the assets pass under a will or intestacy.
The yield from probate tax is as follows: 1993, £1.7 million; 1994, £9.6 million; 1995, £12.3 million; 1996, £14.4 million; 1997, £17.0 million; 1998, £19.7 million.
The yield from probate tax for the first five months of 1999 is estimated at £9.6 million.