asked the Minister for Finance the revenue it is estimated the Government will collect during the tax year 1985-86 from (a) income tax on farmers and (b) land tax.
Written Answers. - Income Tax on Farming Profits.
114.
Income tax on farming profits is collected with schedule D tax generally. Accordingly, separate figures are not available for tax on such profits. However, it is estimated that the amount of income tax in respect of farming profits paid in 1985 amounted to £37 million. Statistics of revenue receipts are, in general, prepared on a calendar year basis and for that reason the estimate of receipts is given in respect of 1985 rather than 1985-86. The farm tax will be levied in late 1986 for the first time. The Deputy will appreciate the difficulty in estimating at this stage the first year yield.