Dáil Éireann Debate, Tuesday - 23 November 2004
76 Mr. Stagg asked the Minister for Finance if an estimate is available of the amount of capital gains taxes to be paid by shareholders in a company (details supplied); the number of shareholders subject to tax; the number of shareholders likely to be able to avail of relief as a result of capital losses incurred on investments in Eircom; and if he will make a statement on the matter. [29874/04]
View answerI am advised by the Revenue Commissioners that the total number of shareholders nominally subject to tax was estimated at 132,000. However, since the circumstances of individual shareholders are not known, for example whether they have other reckonable gains or losses, it is not possible for the Revenue Commissioners to give a reliable estimate of the amount of capital gains tax to be paid by the shareholders involved.
The Revenue Commissioners have also informed me that capital gains tax of in excess of €34 million has been received to date in respect of these disposals. This figure is based on payments received in the Collector-General's office where the name of the company in which the shares were held was specified. It does not include payments received in local Revenue offices or where the name of the company was not identified or where the payment included capital gains tax for gains on the sale of other assets.
I am also advised by the Revenue Commissioners that it is not possible to provide details of the number of these shareholders likely to be able to avail of relief as a result of capital losses incurred on investments in Eircom. Persons who incur capital losses on the disposal of shares are only required to provide details of the quantum of those losses on their annual tax return of gains and losses for the year in which the loss arose. Similarly, when they offset the losses against subsequent gains it is the amount of the losses being offset that is required. Details of the company in which the shares were held are not sought.
