Ivor Callely
Question:187 Mr. Callely asked the Minister for Finance the yearly breakdown of the yield which was generated from the imposition of the insurance levy; and if he will make a statement on the matter. [5503/02]
Written Answers. - Insurance Levies.
A levy was first imposed on insurance premiums – both life and non-life – in 1982. Both levies were imposed initially at a rate of 1% of gross premiums. The life levy was increased on a number of occasions up to 3%. It was abolished with effect from 1 January 1993. The non-life levy remained at 1% until 1993 when it was increased to its current rate of 2%. The non-life levy is imposed on almost all non-life insurance premiums, the exceptions being re-insurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance.
From 1982 until 1990 the only yield figures available are an aggregate of the levies arising on life and non-life premiums. These are as follows:
Non-life and Life Levy Yield
|
Year |
€m |
€m |
|
1982 |
0.82 |
1.04 |
|
1983 |
8.60 |
10.92 |
|
1984 |
14.82 |
18.82 |
|
1985 |
17.12 |
21.74 |
|
1986 |
15.20 |
19.30 |
|
1987 |
24.35 |
30.92 |
|
1988 |
29.74 |
37.76 |
|
1989 |
38.68 |
49.11 |
|
1990 |
35.27 |
44.78 |
From 1991 onwards the yield figures for each of the life levy and non-life levy are as follows:
|
Non-life Levy Yield |
Life Levy Yield |
|||
|
Year |
£m |
€m |
£m |
€m |
|
1991 |
9.97 |
12.66 |
17.79 |
22.59 |
|
1992 |
11.70 |
14.86 |
16.94 |
21.51 |
|
1993 |
16.15 |
20.51 |
2.93 |
3.72 |
|
1994 |
25.21 |
32.01 |
0.12 |
0.15 |
|
1995 |
29.32 |
37.23 |
– |
– |
|
1996 |
28.43 |
36.10 |
– |
– |
|
1997 |
30.45 |
38.66 |
– |
– |
|
1998 |
33.33 |
42.32 |
– |
– |
|
1999 |
37.90 |
48.12 |
– |
– |
|
2000 |
44.86 |
56.96 |
– |
– |
|
2001 (Provisional) |
54.43 |
69.11 |
– |
– |
|
2002 (Estimate) |
74.00 |
– |
– |
This levy was introduced to broaden the stamp duty base, thereby raising additional revenue. I have no plans, at present, to abolish it.