Dáil Éireann Debate, Tuesday - 22 October 2013
163. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question No. 89 of 20 December 2012, the reason the carry forward in the 2014 budget documentation is €530 million, note 3 page C14, and not €600 million; and if he will make a statement on the matter. [44828/13]
Amharc ar fhreagraI refer the Deputy to the answer provided to his question on 2nd October (Parliamentary Question No. 101) where I stated that taxation provisions included in the Finance Act 2013 and the Finance (Local Property Tax) Act 2012 in relation to measures set out in Budget 2013 will result in estimated carryover of around €300 million in 2014. In addition I referred to carryover from changes to PRSI and set out the results, as requested, in tabular form. In total therefore, the estimated carryover was €353 million. There were some minor revisions to these figures in Budget 2014 but the most significant changes impacting the carry forward figure are set out below. Budget 2014 contains a revised estimate of €300 million for carry forward from the Local Property Tax, an increase of €50 million on the previous estimate.
Furthermore, as outlined in my reply of 2nd October, these figures did not include any estimate of the yield from changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold -SFT) which were to be introduced in 2014, as announced in Budget 2013. The details of how this measure is to be implemented are set out in Annex B in the Budget 2014 booklet. The current estimate of the yield from this measure announced in Budget 2014 is around €120 million. All told, the latest estimate of carry forward measures first announced in Budget 2013 amount to around €530 million.
Questions Nos. 164 and 165 answered with Question No. 153.
