Dáil Éireann - Volume 295 - 08 December, 1976

Ceisteanna—Questions. Oral Answers. - Tax Receipts.

14. Mr. O'Malley asked the Minister for Finance the total amount of tax actually collected to date under each of the following headings and the date in each case when such tax first came into force: (a) wealth tax (b) capital gains tax (c) gift tax (d) inheritance tax and (e) income tax on farming profits of full time bona fide farmers.

Mr. R. Ryan: As the reply is in the form of a tabular statement, I propose with the permission of the Ceann Comhairle, to have it circulated with the Official Report.

Following is the statement:

(1)

(2)

(3)

Head of Revenue

Date of coming into force

Approximate Net Receipt to 19 November 1976.

£m

(a) Wealth tax

5th April, 1975

10.1

(b) Capital gains tax

6th April, 1974

0.4

(c) Gift tax

28th Feb- ruary, 1974

.009

[217](d) Inheritance tax

1st April, 1975

0.4

(e) Income tax on farming profits of full- time bona fide farmers

6th April, 1974

1.6*

NOTES: * Income tax on farming profits is collected with Schedule D tax generally and accordingly is not distinguishable. The amount shown under heading (e) is an estimate of the receipt up to 31st December, 1976. The ultimate yield from the assessments for 1974-75 and 1975-76 will be about £2 million.