asked the Minister for Finance the cost of excluding from the deposit income retention tax: (a) all citizens where total income is below the level of income tax liability; and (b) all bodies, organisations or societies operating on a voluntary basis and whose main or sole function or activity is for social, community or philanthropic purposes.
Written Answers. - Deposit Income Retention Tax.
47.
Official statistics are not available from which such costings could be derived. However, from investigations in my Department it appears that the full year cost involved in excluding from the retention tax the interest income of persons, voluntary organisations and other non-corporate bodies, such as pension funds etc., which would not otherwise be liable to tax, could be of the order of £50 million to £70 million. Of this amount some £25 million to £40 million could be in respect of non-liable persons while some £15 million to £20 million could be in respect of voluntary organisations.