Dáil Éireann Debate, Thursday - 18 April 2019
80. Deputy Michael McGrath asked the Minister for Finance the yield from the 1% levy on life assurance policies in each of the years from 2015 to 2018; the projected yield in 2019; and if he will make a statement on the matter. [18341/19]
Amharc ar fhreagraSection 124B Stamp Duties Consolidation Act 1999 provides for a levy of 1% on life insurance premiums paid by Irish policyholders to life insurance companies located in the EU and EEA.
Information in relation to Stamp Duty receipts, including the yield from the Life Assurance Levy from 2015 to 2018, can be found on the statistics page of the Revenue website at https://www.revenue.ie/en/corporate/documents/statistics/receipts/stamp-duty-receipts.pdf.
For the deputies convenience I can confirm that the table in the link contains the figures shown.
|
Year |
2015 |
2016 |
2017 |
2018 |
|
Yield |
30.70 million |
21.37 million |
12.42 million |
11.78 million |
The projected yield from the Life Assurance Levy in 2019 is €13.4 million.
The following revised reply was received on 1 October 2019
I am advised by Revenue that further to my reply to Parliamentary Question 18341/19, in respect of the life assurance levy from 2015 to 2018, revised figures are now available at the following link and reproduced in the table below:
https://www.revenue.ie/en/corporate/documents/statistics/receipts/stamp-duty-receipts.pdf.
|
2015 |
2016 |
2017 |
2018 |
|
|
Non-life levy & life assurance levy |
€138.65m |
€157.04m |
€176.91m |
€166.45m |
The revised information is contained under the heading; ‘Non-life levy & life assurance levy.’
Since the original response issued, Revenue identified a technical issue with their Revpay system which is causing payments of the Life Assurance Levy to be accounted for as being non-Life Levy payments, as the system is not able to account for Life Assurance Levy payments separately.
The post-Budget estimate for 2019 for these two levies (combined) is €195 million.
