asked the Minister for Finance the estimated annual loss of revenue which would arise from the abolition of Schedule A property tax assessed on owner-occupied residences under £30 valuation.
Ceisteanna—Questions. Oral Answers. - Property Tax on Owner-Occupied Residences.
11.
Presumably the Deputy has in mind the recommendation regarding owner-occupied residences contained in the Second Report of the Commission on Income Taxation. This recommendation, however, was to the effect that the Schedule A tax on owner-occupied residences not exceeding £30 valuation should be abolished and that owner-occupied residences exceeding £30 valuation should be exempt in respect of the first £30 of the valuations. The loss of revenue which would arise from implementation of that recommendation is estimated at £270,000 in a full year, on the basis that ground rents would continue to be liable to tax.
12.
asked the Minister for Finance if the Government have considered the Second Report of the Commission on Income Taxation; if he has accepted the recommendation of the Commission to the effect that owner-occupied residences under £30 valuation should be exempted from Schedule A property tax; and if, having regard particularly to the desirability of encouraging home ownership, he will introduce the necessary amending legislation at an early date.
I have received from the Commission on Income Taxation four reports relating to various aspects of Income Tax and Sur-tax. Effect has already been given to the recommendation in the First Report for the introduction of Pay As You Earn. The other reports and recommendations of the Commission are at present under consideration. Implementation of the recommendation relating to Schedule A tax on owner-occupied residences would require Finance Bill legislation and the Deputy will appreciate that I cannot indicate in advance what proposals my Budget Statement for next year may or may not contain.