Dáil Éireann díospóireacht -
Tuesday, 12 Jun 2001

Vol. 537 No. 5

Written Answers. - Insurance Levy.

Róisín Shortall

Ceist:

275 Ms Shortall asked the Minister for Finance the reason the 2% levy on all insurance policies was introduced; the reason for the continuance of the levy; the amount of such tax collected in the last tax year for which figures are available; the plans he has to abolish or reduce this tax; and if he will make a statement on the matter. [17282/01]

Minister for Finance (Mr. McCreevy)

This 2% levy was introduced to broaden the stamp duty base, thereby raising additional revenue. It is imposed on almost all non-life insurance premia, the exceptions being reinsurance, health insurance, marine, aviation and transit insurance and export credit insurance. The yield from this levy in 2000 was £44.9 million. I have no plans to abolish this stamp duty.