Joan Burton
Ceist:164 Ms Burton asked the Minister for Finance the information available to him on the cost to the Exchequer in terms of tax foregone of tax reliefs (details supplied). [28443/04]
Amharc ar fhreagraWednesday, 10 November 2004
Ceisteanna (117, 118, 119, 120, 121)
Joan Burton
Ceist:165 Ms Burton asked the Minister for Finance the annual cost to the Exchequer in terms of tax foregone of tax reliefs (details supplied). [28444/04]
Amharc ar fhreagraJoan Burton
Ceist:166 Ms Burton asked the Minister for Finance the cost to the Exchequer in terms of tax foregone of tax reliefs (details supplied). [28445/04]
Amharc ar fhreagraJoan Burton
Ceist:167 Ms Burton asked the Minister for Finance the cost to the Exchequer in terms of tax foregone of tax reliefs (details supplied). [28446/04]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 164 to 167, inclusive, together.
Claims for most of the reliefs mentioned in the question are aggregated in tax returns with other claims. They do not distinguish between the reliefs claimed in respect of different schemes. Accordingly, the specific information on costs is not available. The various capital allowance schemes in question represent only part of the overall amounts for capital allowances claimed annually, the bulk of which is made up of ordinary business capital expenses and depreciation.
As part of ongoing commitments to improve the quality of information available on the costs of tax expenditures generally, the Revenue Commissioners are introducing a number of changes to certain tax forms, which will yield additional information regarding the cost of reliefs. Provisions were included in the Finance Act 2004 to underpin these changes. This will provide better data in this area and enable fuller estimates of the tax foregone to be made over time.
With regard to tax relief on retirement for certain sportspersons, this scheme was introduced relatively recently. I am informed by the Revenue Commissioners that statistics are, therefore, not available that would enable the information requested to be provided. Taxpayers claiming the relief have been requested to indicate their participation in their annual returns of income forms. Even with this information, it will be some time before comprehensive statistics are available.
With regard to the scheme for approved share options, which is also relatively new, I am informed by the Revenue Commissioners that statistics are not available which would enable the information requested to be provided. I am informed by the Revenue Commissioners that the most recent relevant information available on savings related share option schemes relates to the income tax year 2003 for which the cost to the Exchequer is estimated at €4.9 million. These figures are based on the level of returns received to date and are subject to adjustment on receipt of further or amended returns.
As regards employee share ownership trusts, the only relevant information available relates to the costs to companies of establishing and contributing to trusts which are allowable as deductions against profits for corporation tax purposes. Figures available to date from 1999-2000 onwards indicate that the cost of corporation tax foregone in respect of such expenditure incurred by companies could be up to a total of €32 million.
The Finance Act 2003 requires that returns of income must be made for chargeable periods commencing on or after 1 January 2004 for profits arising from commercially managed woodlands and stallion and greyhound stud fees. Information regarding the cost of these reliefs as a result of the introduction of this new requirement will become available in spring 2006.
Bernard J. Durkan
Ceist:168 Mr. Durkan asked the Minister for Finance when the tax free allowance will issue to a person (details supplied) in County Kildare; and if he will make a statement on the matter. [28470/04]
Amharc ar fhreagraI am advised by the Revenue Commissioners that arrangements were made to issue a certificate of tax credits and standard rate cut off point to the person mentioned by the Deputy before a copy of the parliamentary question was received by the commissioners. The Revenue Commissioners examined the matter again on receipt of the parliamentary question and a further amended certificate of tax credits and standard rate cut off point will issue to the taxpayer in the coming days, incorporating an adjustment to assess the correct amount of taxable social welfare income.