Thursday, 8 November 2012

Ceisteanna (110)

Seán Fleming


110. Deputy Sean Fleming asked the Minister for Finance the saving that would be achieved from abolishing building heritage relief; and if he will make a statement on the matter. [49274/12]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of income tax relief for expenditure on significant buildings and gardens is €3.9 million in respect of the income tax year 2010, the latest year for which all the relevant information is available. In Finance Act 2010 however, the relief available to passive investors under the scheme was abolished with transitional arrangements applying for the 2010 and 2011 tax years. Therefore with effect from the current tax year, the actual cost of the relief, and therefore the potential yield from its abolition, is expected to be somewhat lower than the €3.9 million cost in 2010 .