Dáil Éireann Debate, Tuesday - 28 September 2021
285. Deputy Ged Nash asked the Minister for Finance the revenue raised to the Exchequer from the discretionary trust tax from 2016 to 2020, in tabular form; the estimated revenue that could be raised by a 1% increase in the tax; and if he will make a statement on the matter. [46106/21]
View answerDiscretionary Trust Tax (DTT) is payable by trustees or by an agent acting for trustees. An initial once-off 6% charge applies to the value of all the assets in a trust. An annual 1% charge applies on 31 December each year to the value of all the assets in the trust on that date.
The yield from DTT (in €m) for the years 2016 to 2020 is provided in the table below.
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
3.2 |
1.96 |
3.27 |
6.89 |
3.51 |
I am advised that, due to the manner in which the data is returned to Revenue, the yield from the 1% and 6% rates are not recorded separately. In addition, the level of DTT paid in any given year is contingent on decisions made by trustees regarding the amounts held in trusts. It is not, therefore, possible to reliably forecast the likely impact of a change to these tax rates.
