I propose to take Questions Nos. 138, 139 and 140 together.
The estimated yield to the social insurance fund of abolishing the employee, employer and self-employed annual earnings ceiling is £85 million, £102 million and £150 million, respectively. Currently, PRSI does not apply to the value of gross or net capital gains, gross or net capital acquisitions or benefits in kind.
On the basis of the current estimated outturn of net capital gains tax in 2000, it is estimated that the yield to the social insurance fund would be of the order of £99 million if PRSI was applied at the main employee rate – 4.5% – on the corresponding amount of net gains, that is, after the subtraction of the appropriate reductions and reliefs. These gains include gains on the disposal of assets by individuals as well as gains arising from the disposal of development land by companies which are not distinguishable in the overall figures. As statistics are not available which would enable an estimate of the value of those gains prior to the netting off of deductions and reliefs, it is not possible to arrive at an estimate of the yield to the social insurance fund if employee PRSI was applied to gross capital gains.