Dáil Éireann Debate, Wednesday - 29 March 2017
76. Deputy Sean Fleming asked the Minister for Finance the total amount received through the levy introduced on private pension funds on a yearly basis; the amount he had originally planned to raise through this tax; his plans to return the excess amount collected or the total amount collected to the private pension funds; and if he will make a statement on the matter. [15548/17]
Amharc ar fhreagraI am informed by Revenue that the yield and the Budget estimates from the Stamp Duty levy on pension schemes for all relevant years is as set in the following table.
|
Year |
Yield €m |
Budget Estimate €m |
|
2011 |
463 |
470 |
|
2012 |
483 |
463 |
|
2013 |
535 |
482 |
|
2014 |
743 |
670 |
|
2015 |
169 |
148 |
|
Total |
2,393 |
2,233 |
The Stamp Duty levy on pension schemes was introduced in 2011 to pay for the Jobs Initiative, the chargeable persons for which are the trustees of pension schemes and others responsible for the management of pension fund assets. While the Stamp Duty levy on pension schemes has ceased, I have no plans to repay the pension fund levies collected as suggested in the question. The value of the funds raised by way of the levy have been used to protect and create jobs and this has helped to create the improving financial and economic position of the State. Taxpayers to whom the impact of the levy may have been passed on by the chargeable persons responsible for the payment of the levy (the pension scheme trustees etc.) will benefit from the changes which I began in Budget 2015 and have continued in Budget 2016 and Budget 2017 to reduce the tax burden on low and middle income earners.
