Vol. 468 No. 1
72 Mr. B. Ahern asked the Minister for Finance the cost in 1996-97 and in a full year of a reduction in the standard rate of tax to 26 per cent and 25 per cent and in a reduction of the 48 per cent rate of tax to 46 per cent, 44 per cent and 43 per cent. [14729/96]
I am informed by the Revenue Commissioners that the estimated costs to the Exchequer of the changes mentioned in the question are as follows:
|
Reduction |
Cost |
|
|
1996 |
Full Year (1996-97) |
|
|
£m |
£m |
|
|
Standard rate to 26 per cent |
49.5 |
83.2 |
|
Standard rate to 25 per cent |
99.4 |
167.3 |
|
48 per cent rate to 46 per cent |
47.6 |
85.1 |
|
48 per cent rate to 44 per cent |
95.2 |
170.3 |
|
48 per cent rate to 43 per cent |
119.0 |
212.8 |
73 Mr. B. Ahern asked the Minister for Finance the extra revenue collected or due to be collected in each of the years from 1994 to 1998 as a result of reducing mortgage interest relief and VHI relief to the standard rate. [14730/96]
I am informed by the Revenue Commissioners that the relevant information available is the estimated full year yield to the Exchequer for each of the income tax years 1994-95, 1995-96, 1996-97 and 1997-98 arising from the changes referred to by the Deputy.
|
1994- 95 |
1995- 96 |
1996- 97 |
1997-98 |
|
|
£m |
£m |
£m |
£m |
|
|
Full Year Incremental Additional Yield |
10.5 |
23.8 |
28.2 |
15.0 |
74 Mr. B. Ahern asked the Minister for Finance the estimated cost in 1996-97 and in a full year of every increase in the age exemption limits, 65 to 74, 75 and over, by £500 and £1,000 respectively. [14731/96]
It is presumed that the question relates to an increase of £500 (single and widowed) and £1,000 (married) in the 65 to 74 age exemption limits, and an increase of £1,000 (single and widowed), and £2,000 (married) in the 75 and over age exemption limits.
I am informed by the Revenue Commissioners that the estimated costs to the Exchequer are as follows:
|
Age Exemption Limits |
1996 |
Full Year (1996-97) |
|
£m |
£m |
|
|
65 years or over |
3.1 |
5.5 |
|
75 years or over |
7.7 |
13.0 |
75 Mr. B. Ahern asked the Minister for Finance the cost of increasing personal allowances in 1996-97 and in a full year for a single person by a further £100 and for a married couple by £200; and if the cost for each further increase by these amounts would be roughly proportional. [14732/96]
I am informed by the Revenue Commissioners that the estimated costs to the Exchequer arising from the changes mentioned by the Deputy are as follows:
|
Increase of: |
1996 |
Full Year (1996-97) |
|
£m |
£m |
|
|
(1) Single person's allowance by £100 |
11.2 |
18.5 |
|
(2) Married person's allowance by £200 |
14.6 |
24.9 |
76 Mr. B. Ahern asked the Minister for Finance the cost of reducing capital gains tax in 1996-97 and in a full year to 35 per cent, 30 per cent and 27 per cent. [14733/96]
I am informed by the Revenue Commissioners that on the basis of current levels of disposals by individuals, the costs to the Exchequer arising from the changes mentioned by the Deputy are as shown in the following table:
Cost to the Exchequer
|
Proposed Rate |
1996 |
Full Year (1996-97) |
|
£m |
£m |
|
|
35% |
Nil |
4.5 |
|
30% |
Nil |
9.0 |
|
27% |
Nil |
11.7 |
77 Mr. B. Ahern asked the Minister for Finance the annual cost of increasing the exemption for capital gains purposes for a single person to £5,000 and a married couple to £10,000 in 1996-97 and in a full year. [14734/96]
I am informed by the Revenue Commissioners that on the basis of current levels of disposals, the costs to the Exchequer arising from the changes mentioned by the Deputy are as shown in the following table:
|
1996 |
Full Year (1996-97) |
|
|
£m |
£m |
|
|
Increase of £4,000-£8,000 in capital gains tax personal exemptions |
Nil |
9 |
