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Dáil Éireann díospóireacht -
Wednesday, 28 Jun 1995

Vol. 455 No. 2

Written Answers. - Stamp Duty.

Michael McDowell

Ceist:

41 Mr. M. McDowell asked the Minister for Finance the total amount received by the Exchequer in respect of stamp duties on the sale of houses, other conveyancing and other agreements and documents; and his policy in relation to the future of stamp duties. [11931/95]

I am informed by the Revenue Commissioners that the total amount received by the Exchequer in respect of stamp duties in 1994 was £280.6 million. The breakdown of this figure is as follows:

£m

Land and Buildings

143.2

Bank Levy

36

Share Transfers

27

Non-life Insurance Levy

25.3

Companies Capital Duty

16.2

Insurance Policies

9.1

Cheques

7.7

Credit Cards

7.7

Section 84 Levy

4.3

ATM cards

2.0

General Deeds

1.4

Penalties

0.7

280.6

It is not possible to say precisely how much of the figure of £143 million for land and buildings is attributable to the transfer of houses but I am informed that the yield on such transfers was probably in the region of £70 million in 1994. In the absence of a comprehensive property tax, stamp duties make a very significant contribution to Exchequer revenues and help to keep other taxes down. As part of the overall strategy of broadening the tax base and reducing the relative tax burden on earned income, the policy of the Government is to ensure that the revenue yield from stamp duties is maintained and, where possible, increased. This is in line with the commitment under theProgramme for Competitiveness and Work to increase the yield from capital taxes.
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