Emmet Stagg
Ceist:30 Mr. Stagg asked the Minister for Finance if he will abolish the duty on insurance premia; and if he will make a statement on the matter. [5461/99]
Written Answers. - Stamp Duty.
Stamp duty at 2 per cent is imposed on all non-life insurance premia, the exceptions include reinsurance, health insurance, marine, aviation and transit insurance and export credit insurance. The yield from this levy in 1998 was over £33 million. Similar levies exist in other EU countries and, in general, at rates higher than 2 per cent. The levy was introduced to broaden the stamp duty base, thereby raising additional revenue. Consequently, at this stage, I have no plans to abolish this levy.