Peadar Tóibín
Question:119. Deputy Peadar Tóibín asked the Minister for Finance the annual revenue that would be raised from tax on spread betting, involving shares and stock options gains taxed at 20%. [25294/15]
View answerWednesday, 24 June 2015
Questions (119)
Written answers
In relation to spread betting on financial instruments, the Central Bank authorises firms under the Markets in Financial Instruments Directive (MiFID) to provide investment services which can include spread betting services. The Central Bank has informed me that there are currently no MiFID authorised spread betting firms supervised by the Central Bank. Accordingly, there is no basis for compiling an estimate of the gain to the Exchequer that would arise from the tax outlined by Deputy.
The following revised reply was received on 30 June 2015
In relation to spread betting on financial instruments, the Central Bank authorises firms under the Markets in Financial Instruments Directive (MiFID) to provide investment services which can include spread betting services. The Central Bank has informed me some firms do have the appropriate authorisation to provide spread betting services but that the annual income from spread betting activities could not be accurately provided as those firms may provide additional investment services. Furthermore, they cannot provide data on the net gains accruing to any individual client. Accordingly, there is no basis for compiling an estimate of the gain to the Exchequer that would arise from the tax outlined by Deputy.