asked the Minister for Finance when he will pay a tax rebate to a person (details supplied) in County Wexford; and if he will make a statement on the matter.
Written Answers. - Tax Rebates.
586.
I have been advised by the Revenue Commissioners that the taxpayer ceased employment on 1 February 1985 and submitted a claim for repayment of tax on the grounds of unemployment to the inspector of taxes on 5 March 1985. The figure for tax deducted, as shown on the form P.45 (cessation certificate), which was submitted by the taxpayer in support of his claim, appears on the basis of the figure for earnings shown on the form and the amount of the tax-free allowances granted to the taxpayer for 1984-85, to have been incorrectly computed by the employer. The inspector wrote to the former employer on 5 March 1985 for clarification of the position and again by way of reminder, on 25 April 1985. As soon as the employer clarifies the figures for pay and tax deducted on the relevant form P.45, the taxpayer's liability for 1984-85 will be reviewed and any tax found to have been overpaid will be refunded to him.
587.
asked the Minister for Finance when a tax rebate will be paid to a person (details supplied) in County Wexford.
I have been advised by the Revenue Commissioners that, on the basis of the information available to the inspector of taxes, a refund of tax is not due in this case. A provisional review of the liability of the taxpayer's husband for 1980-81 (the latest year in which the taxpayer is recorded as having been in employment) to take account of the combined income of both spouses, indicates that there was a very small underpayment of tax for that year which it would be uneconomic to collect.
The inspector has been unable to trace receipt of a claim for repayment of tax from the taxpayer for 1981-82 or for any subsequent year.
Question No. 588 withdrawn.
589.
asked the Minister for Finance the amount of exchange loss suffered on foreign-denominated debt in 1975 and in each of the years from 1980 to 1984, that is the increase in valuation of debt outstanding on 1 January during the year to 31 December, and the percentage this loss represented of the opening value of the debt at the start of the year.
The information requested by the Deputy concerning the increase on valuation of foreign-denominated debt outstanding is estimated to be as follows:
Increase in IR£ Value of Outstanding Exchequer Foreign Debt due to Changes in Exchange Rates
|
Year |
£m |
As % of value of debt at beginning of year |
|
1975 |
45 |
12.4% |
|
1980 |
100 |
6.5% |
|
1981 |
245 |
11.1% |
|
1982 |
360 |
9.5% |
|
1983 |
850 |
16.1% |
|
1984 |
375 |
5.3% |
The increase in the IR£ value of the foreign debt due to exchange rate changes does not constitute exchange losses; any exchange loss or gain would be realised only when the debt is paid off.