Dáil Éireann Debate, Tuesday - 8 October 2013
177. Deputy Kevin Humphreys asked the Minister for Finance the projected additional yield in a full year if capital acquisitions tax was increased from 33% to 35%, taking into account 2013 returns to date; and if he will make a statement on the matter. [42290/13]
View answerI am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate from 33% to 35 %, based on the expected outturn in 2014, could be in the region of €22 million, assuming no change in the existing thresholds. 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 realization 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.
