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Budget 2015

Dáil Éireann Debate, Wednesday - 30 April 2014

Wednesday, 30 April 2014

Questions (68)

Michael McGrath

Question:

68. Deputy Michael McGrath asked the Minister for Finance if he will provide in tabular form the carry over to budget 2015 in respect of the local property tax, changes to the maximum allowable pension fund for tax relief purposes, carbon tax, capital gains tax, capital acquisitions tax, PRSI and other measures; and if he will make a statement on the matter. [18947/14]

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Written answers

As the Deputy will be aware, a carryover effect may arise as a result of a difference in the tax revenue generated from a tax measure in the year of implementation and the first year that the full impact of tax measures takes effect.  The Local Property Tax (LPT) was introduced in 2013 and the carryover will be seen this year.  Therefore, there will be no carryover in 2015. In addition, there is not expected to be a carryover in 2015 in respect of the changes to the maximum allowable pension fund for tax relief purposes (the Standard Fund Threshold -SFT). 

However, there will be other carryover measures from previous budgets and they are estimated to be broadly neutral in 2015 with a small negative carryover in the region of €10 million.  

The exact impacts of carryover will be reviewed as part of the Budget 2015 process, as there are a lot of moving parts to be considered, such as economic growth take up of various schemes and specific tax relevant factors, which could impact on the expected return from the measures.  These will be reflected in the White Paper on Receipts and Expenditure which will be published in advance of Budget 2015.

Tax Head

2015 Carryover €m

Income Tax

+3

VAT

-2

Excise Duties / (carbon tax)

-12

Stamp Duty

-5

PRSI

+6

Corporation Tax

Nil

LPT

Nil

CGT

Nil

CAT

Nil

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