Dáil Éireann Debate, Wednesday - 15 July 2015
96. Deputy Pearse Doherty asked the Minister for Finance that given annual return form 1, under the real estate investment trust scheme, which discloses income, etc, the revenue that would be generated from increasing the tax rate on trust income from 20% to 30%. [29512/15]
View answerFollowing discussion with the Deputy's Office, I understand that the Deputy's question is 'To ask the Minister for Finance that given Trust's file annual return Form 1 which disclosed their income and so on, the revenue that would be generated from increasing the tax rate on trust income from 20% to 30%.'
I am informed by the Revenue Commissioners that on the basis of net income tax payments in respect of Trusts, it is tentatively estimated that the yield to the Exchequer that would arise from increasing the tax rate on trust income from 20% to 30% would be in the order of €6m. It should be noted that this estimate refers to the income of Trusts themselves and not the income generated by assets left in trust, which is subject to Income Tax at the standard income tax rate of the beneficiaries.
