Peadar Tóibín
Question:95. Deputy Peadar Tóibín asked the Minister for Finance the revenue that would be raised for the Exchequer by increasing capital acquisitions tax to 40%. [25268/15]
View answerWednesday, 24 June 2015
Questions (95, 96, 97)
Peadar Tóibín
Question:96. Deputy Peadar Tóibín asked the Minister for Finance the revenue that would be raised for the Exchequer by increasing capital acquisitions tax to 40%, and reducing the group thresholds by 10%, 15% and 20%. [25269/15]
View answerPeadar Tóibín
Question:97. Deputy Peadar Tóibín asked the Minister for Finance the revenue that would be raised for the Exchequer by reducing the group thresholds for capital acquisitions tax by 10%, 15% and 20%. [25270/15]
View answerWritten answers
I propose to take Questions Nos. 95 to 97, inclusive, together.
I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' new, enhanced Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html.
In relation to the Deputy`s questions, detailed information on potential costs can be found in the post-Budget 2015 Ready Reckoner: http://www.revenue.ie/en/about/statistics/ready-reckoners.pdf.
The potential yield from increasing the Capital Acquisitions Tax (CAT) rate from current 33% to 40% would be of the order of €77 million.
The potential yield from decreasing all CAT tax-free thresholds by 10% would be of the order of €19 million, by 15% would be of the order of €28 million and by 20% would be of the order of €38 million.
Increasing the CAT rate from 33% to 40% and decreasing the tax-free thresholds together would have an additional potential yield in addition to those given above, arising from the increased rate being applied to benefits made liable to tax. These increased yields, in addition to the yields indicated above, are €4 million for a 10% decrease in thresholds, €6 million for a 15% decrease and €8 million for a 20% decrease.
All estimates are provisional and subject to revision. These estimates are based upon an assumption that there would be no behavioural impact from the changes. In addition, the yields shown from increases in taxation on assets relating to property are subject to movements in the value of such assets.