Pearse Doherty
Ceist:183. Deputy Pearse Doherty asked the Minister for Finance the amount of extra revenue that will be raised in 2015 by measures already announced or legislated for; and the details of these measures. [38035/14]
Amharc ar fhreagraTuesday, 7 October 2014
Ceisteanna (183)
Freagraí scríofa
In relation to carryover effects as a result of tax measures introduced in Budget 2014, it is estimated that there will be a small negative carryover into 2015 in the region of €2 million.
Separately, there are a number of measures, which were announced in previous Budgets and legislated for in the relevant Finance Acts, which are due to either cease or take effect in 2015. Of these, the most significant are:
- The stamp duty levy on pension fund assets of 0.6%, which was introduced in the Finance (No.2) Act 2011, as a measure to fund the Jobs Initiative. The pension levy rate of 0.6%, is estimated to yield €540 million in 2014 and is due to cease with effect from 31 December 2014.
- The previous Government, when they introduced the Universal Social Charge (USC), legislated for an exemption from the top rate of USC for those on medical cards. They also legislated for, a higher rate of USC of 10% for income in excess of €100,000 arising from self-employment. These USC measures were introduced in conjunction on a revenue neutral basis and are due to cease on 31 December 2014.
- Consanguinity relief from Stamp Duty on transfers of non-residential properties was retained in Budget 2012 for intra-family transfers to end-2014 and is estimated to cost €5 million in 2014.
- The 3 year tax relief for start-up companies was extended in Budget 2012 to include start-up companies which commenced a new trade in 2012, 2013 and 2014. This measure is estimated to cost €6 million in 2014.
I should point out that all of the above measures are already included in the Budget 2015 arithmetic. However, as the Deputy will appreciate, it is long stranding practice of the Minister for Finance to review all tax relief and exemption as part of the Budget process. In addition, it is also a long standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.