Michael McDowell
Ceist:74 Mr. M. McDowell asked the Minister for Finance the estimated tax foregone on an annual basis in relation to special investments policies, special investment schemes and special portfolio investment accounts. [2561/94]
Vol. 446 No. 6
74 Mr. M. McDowell asked the Minister for Finance the estimated tax foregone on an annual basis in relation to special investments policies, special investment schemes and special portfolio investment accounts. [2561/94]
I am informed by the Revenue Commissioners that statistics are not available which would enable the information requested by the Deputy to be provided.
75 Mr. M. McDowell asked the Minister for Finance, in respect of VAT, the total estimated annual yield for the year 1994 to 1995 at 10 per cent, 12.5 per cent and 21 per cent. [2562/94]
The latest information available relates to the calendar year 1994 and the estimated yields are £682 million at 12.5 per cent and £1,870 million at 12.5 per cent. The 10 per cent rate of VAT applies only to new homes, tourist accommodation and vehicle hire, which were contracted for prior to 25 February 1993. Consequently, the yield from the 10 per cent rate of tax would be negligible.
76 Mr. M. McDowell asked the Minister for Finance the full year cost to the Exchequer at 1994 and 1995 tax rates of mortgage interest relief, health insurance relief, artists exemption, relief on patent royalties, covenanted income relief, business expansion scheme relief, holiday cottages allowances and relief in relation to approved buildings. [2564/94]
The following table sets out the information requested in so far as it is available:
Allowance/Relief |
Estimated cost to the Exchequer (for 1994/95 except where indicated) |
£m |
|
Loan Interest |
141.0 |
Medical Insurance |
66.8 |
Artists Exemption |
1.1 (91/92) |
Patent Royalties |
Not available |
Covenants |
41.3 |
Business Expansion Scheme |
12.1 (93/94) |
Holidays cottages |
Not available |
Approved buildings (heritage houses) |
0.3 (93/94) |
77 Mr. M. McDowell asked the Minister for Finance the full year yield to the Exchequer at 1994 to 1995 tax rates of benefit-in-kind taxation. [2565/94]
It is estimated that the overall yield from the taxation of benefits-in-kind in the tax year 1994-95 is of the order of £67 million.
78 Mr. M. McDowell asked the Minister for Finance the estimated yield in the years 1994 to 1995 of income tax under schedule E and under schedule D cases I and II, case III, case IV and case V. [2566/94]
The relevant information available is the budget estimate of the yield for income tax in respect of the calendar year 1994. A breakdown of the constituents of that estimates is as follows:
Budget estimate of Income Tax yield in 1994
Heading |
Amount |
£m |
|
PAYE(1) |
3,202 |
Deposit interest retention tax(2) |
120 |
Self-employed (including farmers |
|
and other non-PAYE(3) |
475 |
Total |
3,797 |
79 Mr. M. McDowell asked the Minister for Finance the average rate of tax or the proportion of gross income taken by taxation for a single person, married couples and widowed persons in the year 1994 to 1995. [2567/94]
The information requested by the Deputy can be derived from the statistics contained in table 37 of the statistical report of the Revenue Commissioners for 1992, which relate to the income tax year 1990-91.
The most recent year for which the corresponding detailed information is available is 1991-92. In that year, the average rates of income tax by reference to gross income for single, married and widowed persons were as follows:
Tax as % of gross income |
|
% |
|
Single: |
21.9 |
Married: |
21.1 |
Widowed: |
17.9 |
80 Mr. M. McDowell asked the Minister for Finance, in respect of the tax year 1994 to 1995, the total amount of personal income which was exempt, the subject of allowances and relief, taxed at the rate of 27 per cent and taxed at the rate of 48 per cent [2573/94]
The information requested, provisionally estimated by reference to the income tax year 1994-95, is as follows in so far as it is available:—
Income Category |
Estimated amount for 1994-95 (Provisional) |
£m |
|
(a) Income of individuals who are exempt from tax, together with, |
6,683(1) |
(b) Income of taxpayers which is not liable to tax because of exemption limits, allowances and reliefs |
|
(c) Income taxable at 27 per cent(2) |
7,423 |
(d) Income taxable at 48 per cent |
3,350 |
81 Mr. M. McDowell asked the Minister for Finance the estimated full year cost for the year 1994 to 1995 of reducing the standard rate of income tax to 20 per cent and 48 per cent to 40 per cent. [2574/94]
The relevant information available is in respect of the income tax year 1994-95. Reduction of the standard rate of income tax to 20 per cent would cost £503 million in a full year. Reduction of the 48 per cent rate of income tax to 40 per cent would cost £268 million in a full year. These figures are provisional and are likely to be revised.
82 Mr. M. McDowell asked the Minister for Finance, in respect of the year 1994 to 1995, the total number of couples in respect of whom married allowances were claimed; the number of taxpayers claiming single allowances only; and the number of persons claiming widowed persons allowances. [2575/94]
The total numbers of income tax payers in respect of whom the married, single and widowed person's allowances will be allowed in the income tax year 1994-95 are estimated as follows:
Married |
420,000 |
Single |
443,000 |
Widowed |
55,000 |
83 Mr. M. McDowell asked the Minister for Finance the estimated full year cost to the Exchequer in the year 1994 to 1995 of increasing the 27 per cent band by £1,000 for a single person and by £2,000 for a married person. [2576/94]
The full year cost to the Exchequer, estimated by reference to the income tax year 1994-95, arising from the change mentioned in the question is £97 million. This figure is provisional and is likely to be revised.
84 Mr. M. McDowell asked the Minister for Finance the estimated full year gain to the Exchequer in the year 1994 to 1995 which would accrue if married persons were taxed separately as single persons. [2577/94]
If it is assumed that all married couples would be affected, whether or not both spouses are earning, the estimated full year again to the Exchequer, in terms of the 1994-95 income tax year, of the change mentioned in the question would be of the order of £620 million to £650 million.
If the change is confined to married couples where both spouses are earning, the gain to the Exchequer would depend upon the precise breakdown of taxable income between the spouses. A tentative estimate would put the gain in the order of £30 million to £60 million. It is not possible to provide a more precise estimate.