Wednesday, 2 October 2013

Questions (102)

Michael McGrath


102. Deputy Michael McGrath asked the Minister for Finance the yield from increasing from 5% to 10% the universal social charge surcharge on income covered by property related reliefs; and if he will make a statement on the matter. [41341/13]

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Written answers (Question to Finance)

As the Deputy will be aware, Finance Act 2012 introduced a surcharge of 5% on the amount of income sheltered by property reliefs in a given year. The surcharge was effective from 1 January 2012 and applied to individuals with gross incomes exceeding EUR 100,000. It is tentatively estimated that the yield from increasing the surcharge from 5% to 10% could be of the order of EUR 7 million in a full year. As a result of decreasing claims of legacy property incentives over recent years the yield from the surcharge is estimated to be lower now than at the time the surcharge was announced in the 2012 Budget.