Michael Creed
Ceist:70 Mr. Creed asked the Minister for Finance the amount of money collected by his Department to date in 1993 from Probate Tax; and if he will review its continuing operation in light of the 1994 Budget.
Written Answers. - Probate Tax Yield.
I understand from the Revenue Commissioners that nearly £1 million has been paid in probate tax to date. Probate tax is payable in respect of deaths occurring after the date of passing of this year's Finance Act, i.e. after 17 June 1993. Moreover, the administration of estates generally takes some time. Accordingly, the full effect of probate tax on Exchequer revenues will not be seen until 1994.
As with any new tax, the operation of the probate tax is being monitored on an ongoing basis.