Derek McDowell
Ceist:34 Mr. McDowell asked the Minister for Finance the amount of the total annual take from capital gains tax which arises out of transactions in property, or companies trading in property. [5575/98]
Written Answers - Tax Yield.
It is assumed the Deputy is referring to the capital gains on the disposal of land and property. It is tentatively estimated that the yield in 1997 to the Exchequer from capital gains tax on the disposal of land and property by individuals, including disposals of development land by both individuals and companies, was about £30 million.
Corresponding figures for disposals of land and property other than development land by the corporate sector are not readily available as these are collected as part of the overall corporation tax take.
Profits earned from dealing in property as a trade, as distinct from disposing of assets, are liable to income tax or corporation tax rather than capital gains tax. Information from corporation tax and income tax returns is not recorded in such a way that it would be possible to provide a corresponding estimate of the tax yield arising from trading in property by companies and individuals, or on the corporate capital gains arising from the disposal of land and property other than development land. To obtain the information it would be necessary to identify the cases and extract the information manually. Such an exercise could be carried out only at a disproportionate cost.