Dáil Éireann Debate, Tuesday - 18 September 2012
262. Deputy Pearse Doherty asked the Minister for Finance if he will list remaining property tax reliefs; if he will state the legacy cost of these reliefs on the Exchequer and the estimated return for the Exchequer of abolishing these reliefs in 2013 and in a full year. [38295/12]
Amharc ar fhreagraIt is assumed that the Deputy is referring to the cost, in terms of tax forgone, of the following two property based tax incentive schemes that remain in the tax code: Mid-Shannon Corridor Tourism Infrastructure Investment (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am informed by the Revenue Commissioners that based on information regarding the cost of the Mid-Shannon Scheme, which has been received and collated for the tax year 2010, the latest year for which data is available, the annual yield to the Exchequer from the abolition of this relief could be in the region of €0.2 million. The Palliative Care Units Scheme was not commenced. All other such schemes have been terminated, subject to transitional arrangements for certain schemes where projects were already in the pipeline. However, due to their nature these reliefs continue to entail ongoing costs on the Exchequer in terms of tax foregone.
I am informed by the Revenue Commissioners that the information provided in tax returns on the annual amounts of claims for property based tax reliefs is not sufficiently detailed to provide a basis for deriving an estimate of the remaining legacy cost to the Exchequer. I am not therefore in a position to provide the information requested by the Deputy related to savings. The estimated annual cost to the Exchequer of all “legacy” property-related tax schemes in 2010 was €327 million.
