Dáil Éireann Debate, Tuesday - 16 June 2020
124. Deputy Ged Nash asked the Minister for Finance the revenue that would be raised by making all discretionary tax reliefs available only at the standard 20% rate; and if he will make a statement on the matter. [11465/20]
View answerI am advised by Revenue that the estimated yields from standard-rating discretionary tax reliefs currently available at the marginal rate are as shown in the following table. These yields are based on 2017 data, other than the estimate on the carry forward of excess reliefs under the High-Income Earners Restriction, where 2016 is the latest available year. The estimates are tentative and do not account for possible alterations in taxpayer behaviour.
|
Reliefs and Expenditures |
Full Year Yield (€m) |
|
Allowance for Seafarers |
0.1 |
|
Covenants |
0.5 |
|
Dispositions such as Maintenance Payments |
6 |
|
Donations to Approved Sporting Bodies |
0.3 |
|
Employing a Carer |
3 |
|
Health Expenses (Nursing Homes) |
7 |
|
Carry forward of excess relief under the High-Income Earners Restriction |
46 |
|
Employee Pension Contribution |
381 |
|
Rental Deduction for Leasing of Farm Land |
5 |
|
Relief for expenditure on significant buildings and gardens |
0.9 |
|
Stock Relief (General) (S666 Taxes Consolidation Act 1997) |
2 |
|
Stock Relief (for Young Trained Farmers) (S667B Taxes Consolidation Act 1997) |
0.6 |
|
Stock Relief (for Registered Farm Partnerships) (S667C Taxes Consolidation Act 1997) |
0.2 |
|
Permanent Health Benefit Premiums |
1.8 |
|
Foreign Earnings Deduction |
1.9 |
|
Start-up Relief for Entrepreneurs |
0.8 |
|
Donations to Charities and Approved Bodies |
12 |
Further details on the costs of tax reliefs and expenditures, which may be of interest to the Deputy, are published on Revenue’s website at link: https://www.revenue.ie/en/corporate/information-about-revenue/statistics/tax-expenditures/index.aspx .
