Dáil Éireann Debate, Wednesday - 29 September 2010
474 Deputy Leo Varadkar asked the Minister for Finance the amount of money forgone in taxes as a result of the accelerated capital allowances scheme (details supplied) for expenditure by private individuals and companies on energy efficiency measures; and if he will make a statement on the matter. [33151/10]
Amharc ar fhreagraThe scheme of accelerated capital allowances for expenditure on new specified energy-efficient equipment referred to by the Deputy in the details supplied with the question, allows companies to write-off the full cost of such equipment against their taxable income in the year the expenditure is incurred. The scheme came into operation in late 2008 for a 3 year period and does not apply to expenditure by private individuals. The accelerated capital allowances scheme is only available to companies.
Data on the use of the scheme was requested from companies in the Corporate Tax return (CT1) for the first time in respect of accounting periods ending in 2009. Statistical data for 2009 is not available as all the returns for that year have not yet been filed and processed. For example, companies with an accounting period ending on 31 December 2009 are not required to submit their CT1 return until end-September 2010. Data will be available some time later after the returns are processed.
475 Deputy Leo Varadkar asked the Minister for Finance the amount of money foregone in taxes as a result of the accelerated capital allowances scheme (details supplied) for expenditure by companies on wind turbines; and if he will make a statement on the matter. [33146/10]
Amharc ar fhreagraThe scheme of accelerated capital allowances for expenditure on new specified energy-efficient equipment referred to by the Deputy in the details supplied with the question, allows companies to write-off the full cost of such equipment against their taxable income in the year the expenditure is incurred. The scheme came into operation in late 2008 for a 3 year period and does not apply to expenditure by private individuals.
Data on the overall use of the scheme was requested from companies in the Corporate Tax return (CT1) for the first time in respect of accounting periods ending in 2009 but it does not require separate identification of claims in relation to wind turbines under the scheme.
The only available information in respect of wind turbines relates to relief for investment in renewable energy generation provided for under Section 486B, Taxes Consolidation Act, 1997. The total amount of corporation tax foregone as a result of this scheme is estimated at close on €10.4 million since inception to end 2008, the latest year for which figures are available.
