Pádraic McCormack
Question:196 Mr. McCormack asked the Minister for Finance his proposals to remove the 2% tax levy on insurance policies, particularly policies for young drivers seeking insurance. [4556/02]
Written Answers. - Tax Code.
A 2% levy – stamp duty – on non-life insurance premiums applies to most categories of non-life insurance business including car insurance pre mia. The exceptions are reinsurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance. The purpose of the levy is to broaden the stamp duty base, thereby raising additional revenue. The provisional yield for this levy in 2001 is €69.11 million. At present, I have no plans to remove the levy on insurance policies, including policies which may be of particular advantage to young drivers seeking insurance.