Michael McGrath
Question:123. Deputy Michael McGrath asked the Minister for Finance the yield achieved in 2014 from restricting tax relief on private medical insurance policies; and if he will make a statement on the matter. [49291/14]
View answerThursday, 18 December 2014
Questions (123)
Written answers
I am informed by the Revenue Commissioners that figures in respect of the full year yield to the Exchequer of restricting tax relief for medical insurance premiums, introduced in Budget 2014, are not yet available. It was estimated at the time of Budget 2014 that the additional yield would be €94 million and €127 million in the first and full years respectively.
For comparative purposes, the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia for the period January to November 2013, prior to the introduction of the tax relief ceiling, and the estimated costs for the same period in 2014 are set out in the following table.
|
Tax Period |
Estimated Cost €m |
|
Jan-November 2013 |
429 |
|
Jan-November 2014 (provisional) |
328 |
The figures for 2014 are provisional and subject to revision. Neither set of figures include further costs to the Exchequer of age-related tax relief at source.