Thursday, 8 November 2012

Questions (96)

Robert Dowds

Question:

96. Deputy Robert Dowds asked the Minister for Finance the rate at which the pension provisions of senior managers in the banks in which the State has a stake will be taxed; and if he has considered levying a high rate of tax on these pension provisions in order to provide some measure of social equity. [49158/12]

View answer

Written answers (Question to Finance)

The position is that the rates of taxation which would apply in respect of the income of any pensioner, irrespective of their previous employment, is determined by the level of the income they receive, their personal circumstances, and that individual’s entitlements to deductions, credits and reliefs. Income Tax and Universal Social Charge will be deducted at source using the existing rates and bands set out in current legislation. It is also a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.