Dáil Éireann Debate, Thursday - 18 July 2013
188. Deputy Patrick Nulty asked the Minister for Finance the amount of money that would be raised in a full year by increasing the annual charge on the value of trust assets from 1% to 2% for the purposes of discretionary trust tax; and if he will make a statement on the matter. [36738/13]
View answerI am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from the suggested increase in the rate of 1% in the annual charge would be of the order of €0.8 million. This estimate is provisional and subject to revision.
It should be noted that this estimate is based upon an assumption that there would be no behavioural impact of this change, which could lead to a less than expected impact on Exchequer yield. In addition, the realisation of any estimated yield from an increase in taxation on assets relating to property is subject to movements in the value of such assets, which are currently occurring in the economy.
