Arthur Morgan
Question:367 Deputy Arthur Morgan asked the Minister for Finance the amount paid out by the Exchequer in 2008 in pension tax reliefs. [34437/09]
View answerTuesday, 6 October 2009
Questions (272)
Written answers
Data for the tax year 2008 on which to provide an adequate response to the Deputy's question is not yet available. For example, the tax returns incorporating 2008 claims for tax relief on pension contributions to personal pension plans such as RACs and PRSAs are not due to be returned by taxpayers until the end of this month. The following table provides a breakdown of the estimated cost of tax and PRSI reliefs for private pension provision for 2007, the latest year for which the most up-to-date data is available. The figures represent an update of the 2006 cost estimates set out in table 7.2 of the Green Paper on Pensions published in the Autumn of 2007.
|
Estimated costs |
|
|
€ million |
|
|
Employees’ Contributions to approved Superannuation Schemes |
590 |
|
Employers’ Contributions to approved Superannuation Schemes |
150 |
|
Estimated cost of exemption of employers’ contributions from employee BIK |
540 |
|
Exemption of investment income and gains of approved Superannuation Funds |
900 |
|
Retirement Annuity Contracts (RACs) |
420 |
|
Personal Retirement Savings Accounts (PRSAs) |
65 |
|
Estimated cost of tax relief on “tax-free” lump sum payments |
130 |
|
Estimated cost of PRSI and Health Levy relief on employee and employer contributions |
240 |
|
Gross cost of tax relief |
3,035 |
|
Estimated tax yield from payment of pension benefits |
410 |
|
Net cost of tax relief |
2,625 |