Dáil Éireann Debate, Wednesday - 19 February 2014
99. Deputy Barry Cowen asked the Minister for Finance the amount of money that has been generated by taxation of windfall gains from rezoning sales in total and on a county basis since the introduction of the 2009 National Asset Management Agency Act; and if he will make a statement on the matter. [8551/14]
View answerI assume the Deputy is referring to the windfall gains provisions in Sections 644AB and 649B Taxes Consolidation Act 1997, introduced by Section 240 National Asset Management Agency Act 2009 and amended by Section 25 Finance Act 2010, which apply an 80% rate of tax to the profits or gains from land disposals where those profits or gains are attributable to a relevant planning decision by a planning authority rather than to any value attributable to the work of the landowner.
I am informed by the Revenue Commissioners that on the basis of the available details from corporation tax and income tax returns for 2009, 2010 and 2011, the latest years for which the necessary tax returns data are available, there is no record of any such profits or gains having been returned. The Commissioners have indicated that details of capital gains can also be returned via a separate CG1 tax return. However, due to the format in which the CG1 tax returns data are captured in Revenue systems, it would require an extensive investigation of the Revenue Commissioners records to identify the relevant details, if any, in relation to this issue.
