Caoimhghín Ó Caoláin
Ceist:244 Caoimhghín Ó Caoláin asked the Minister for Finance the cost of reducing the higher tax band from 42% to 40%. [38486/06]
Amharc ar fhreagraDáil Éireann Debate, Tuesday - 21 November 2006
244 Caoimhghín Ó Caoláin asked the Minister for Finance the cost of reducing the higher tax band from 42% to 40%. [38486/06]
Amharc ar fhreagraBy reference to the 2007 pre-Budget income tax ready reckoner prepared by the Revenue Commissioners the full year cost to the Exchequer of reducing the top rate of tax from 42% to 40% is estimated to be €457 million. This figure is provisional and subject to revision. The ready reckoner is available on my Department's website, at www.finance.gov.ie.
245 Caoimhghín Ó Caoláin asked the Minister for Finance the cost of changes to stamp duty for first-time buyers of second hand houses and apartments whereby houses up to €419,809 would be exempt from stamp duty, houses from €419,810 to €635,000 would be charged at 6% and where the rate of 9% would be retained for houses over €635,000. [38487/06]
Amharc ar fhreagraI am informed by the Revenue Commissioners that the estimated cost of extending the current stamp duty exemption of €317,500 to €419,809 with a 6% stamp duty applying to houses costing from €419,810 to €635,000 for first time buyers of all second hand residential property is estimated at €35 million in a full year, based on the stamp duty yield in the first 9 months of 2006 grossed up to a 12-months basis.