Dáil Éireann Debate, Tuesday - 26 November 2013
201. Deputy Thomas P. Broughan asked the Minister for Finance the tax reliefs that were abolished in the years 2011, 2012 and to date in 2013; and the savings to the Exchequer on each of the tax reliefs that were abolished. [50857/13]
View answerAs the Deputy will be aware, virtually all of the area-based and property tax incentive schemes have now ended. Finance Act 2012 provides that Investors in accelerated capital allowance schemes will no longer be able to use any capital allowances beyond the tax life of the particular scheme where that tax life ends after 1 January 2015. Where the tax life of a scheme has ended before 1 January 2015 no carry forward of allowances into 2015 will be allowed. This delayed implementation is designed to give individuals sufficient time to adjust to the absence of the carry forward provision.
In addition, mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. Looking to the future, the existing scheme for film relief will be abolished from 1 January 2015 and replaced by a new “credits” scheme aimed at the film producers rather than passive investors. Also from 2015 consanguinity relief for transfers of non-residential property will be abolished.
The reliefs that were abolished in 2011, 2012 and 2013 to date are set out in the following table along with the estimated annual Exchequer saving, where available:
|
2011 |
Measures |
Full year saving €m (estimated) |
|
- |
BIK (Benefit-in-kind) exemption on certain professional subscriptions |
5 |
|
- |
Patent Royalty Exemption |
50 |
|
- |
Investment allowance for machinery and plant and for exploration expenditure |
<1 |
|
- |
Stamp Duty: farm consolidation relief |
1 |
|
2012 |
Measures |
Full year saving €m (estimated) |
|
- |
Illness benefit – removal of the 36 day exemption for illness benefit. |
13 |
|
- |
Stamp Duty: Abolition of stamp duty exemption for low value non-residential properties (below €10,000 in value) |
Specific figure unavailable |
|
2013 to date |
Measures |
Full year saving €m (estimated) |
|
- |
Maternity Benefit – removal of the tax exemption in respect of maternity benefit payments from 1 July 2013. |
40 |
|
- |
Top slicing relief - was abolished from 1 January 2013 in respect of ex-gratia discretionary termination lump sum payments where the non-statutory payment was €200,000 or over. |
10 |
|
- |
USC – the concessionary rate of USC which apply to those 1) aged 70 and over and 2) to those in receipt of medical card was removed were they had income in excess of €60, 000 per annum |
38 |
|
- |
Abolition of exemption from DIRT and income tax of certain interest paid on Special Term Accounts |
Specific figure unavailable |
|
- |
Ceilings of €1,000 per adult and €500 per child were introduced for tax relief on Medical Insurance Premiums from 16 October 2013. Any portion of the premium that exceeds these levels will no longer qualify for tax relief. |
127 |
|
- |
Revenue Job Assist ceased upon the commencement of the JobsPlus initiative. |
0 |
