Tax Data

Dáil Éireann Debate, Tuesday - 27 July 2021

Tuesday, 27 July 2021

Questions (336)

Gerald Nash

Question:

336. Deputy Ged Nash asked the Minister for Finance the estimated savings to the Exchequer by abolishing the current tax-free lump sum that can be withdrawn from a pension pot upon retirement and by reducing the current tax-free lump sum that can be withdrawn from a pension pot upon retirement from €200,000 to €100,000 or €50,000 respectively in tabular form; and if he will make a statement on the matter. [39890/21]

Written answers

Minister for Finance

I am advised by Revenue that there is no requirement to include data in tax returns in relation to tax free lump sums of less than €200,000 (the current life-time limit on tax-free retirement lump sums). Therefore, Revenue is not in a position to estimate the savings that might accrue to the Exchequer from the changes outlined by the Deputy.