Dáil Éireann díospóireacht -
Wednesday, 19 Oct 1994

Vol. 446 No. 1

Written Answers. - Residential Property Tax.

Helen Keogh

Ceist:

62 Ms Keogh asked the Minister for Finance if he will give details of the largest single payment received up to 10 October 1994, in respect of Residential Property Tax; the number of payments that fall into the categories £50,000 or more, £30,000 to £50,000, £10,000 to £30,000, £5,000 to £1,000, £1,000 to £5,000, £500 to £1,000, £100 to £5,000 and £0 to £100; and if he has satisfied himself that there has been substantial compliance with the self-assessment procedures. [1597/94]

Máirín Quill

Ceist:

66 Miss Quill asked the Minister for Finance if he will give details of the largest single payment received up to 10 October 1994 in respect of Residential Property Tax; the number of payments that fall into the categories £50,000 or more, £30,000 to £50,000, £10,000 to £30,000, £5,000 to £1,000, £1,000 to £5,000, £500 to £1,000, £100 to £5,000 and £0 to £100; if he has satisfied himself that there has been substantial compliance with the self assessment procedures; and if he will make a statement on the matter. [1596/94]

Minister for Finance (Mr. B. Ahern)

I propose to take Questions Nos. 62 and 66 together.

All residential property payments for 1994 have not as yet been processed in full. I am informed by the Revenue Commissioners that subject to this, the largest single payment received up to 10 October 1994 in respect of the current year's residential property tax liability was £33,700. In view of the proximity of the due date — 1 October — a breakdown of the yield by category of payment is not as yet available.

The self-assessment nature of residential property tax requires the householder to submit a value in respect of his or her residential property. In the case of property valued below £100,000 a "banding" system is in operation. It is the experience of the Revenue Commissioners that such self-assessment values are in general correct. It should be emphasised however that, as with any self-assessment tax, residential property tax returns are subject to audit. This audit activity is greatly facilitated by the existence of a clearance scheme in respect of sales of residential property. Experience of the operation of the clearance scheme indicates a high level of compliance on the part of those with a liability to the tax.