Dáil Éireann Debate, Tuesday - 7 October 2014
186. Deputy Michael McGrath asked the Minister for Finance the yield from increasing - from 5% to 10% - the universal social charge surcharge on income covered by property-related reliefs; and if he will make a statement on the matter. [38172/14]
Amharc ar fhreagraAs the Deputy will be aware, Finance Act 2012 introduced a surcharge of 5% on the amount of income sheltered by property reliefs in a given year. The surcharge is effective from 1 January 2012 and applied to individuals with gross incomes exceeding €100,000.
It is tentatively estimated that the yield from increasing the surcharge to 10% could be of the order of €6 million in a full year.
As a result of decreasing claims of legacy property incentives over recent years, the yield from the surcharge is estimated to be lower now than at the time the surcharge was announced in the 2012 Budget and will further reduce over time.
