Dáil Éireann Debate, Tuesday - 1 October 2013
197. Deputy Kevin Humphreys asked the Minister for Finance on the issue of the increase in tax on capital acquisitions of gifts and inheritances by 3% in budget 2013, when this measure was introduced and the resultant yield on this measure thus far to the end of August 2013; the projected yield for the full year; and if he will make a statement on the matter. [40653/13]
View answerBudget 2013 provided for increasing the rate of capital acquistions tax from 30% to 33% for gifts or inheritances taken after 5 December 2012. This was implemented by way of Financial Resolution on Budget Night and was subsequently provided for in Finance Act 2013. The change referred to was estimated to yield €20 million in 2013. However, I am informed by the Revenue Commissioners that figures for capital acquisitions tax receipts are not captured in such a manner as would enable the impact of this change to be separately identified. It may be noted that as this change applies to gifts or inheritances taken after 5 December 2012 the bulk of capital acquisitions tax receipts affected by the change are not due for payment until 31 October 2013, or 14 November 2013 where returns and payment are made through Revenue On-Line System.
