Dáil Éireann - Volume 446 - 02 November, 1994

Written Answers. - Taxation Statistics.

69. Mr. M. McDowell asked the Minister for Finance the estimated full year cost to the Exchequer of reducing the 40 per cent and the 27 per cent rates of capital gains tax to 20 per cent. [2556/94]

Minister for Finance (Mr. B. Ahern): On the basis of current levels of disposals, the full year cost to the Exchequer arising from reducing the 40 per cent rate of capital gains tax to 20 per cent is provisionally estimated at up to £14 million.

Statistics are not yet available which would enable an estimate of the cost of reducing the 27 per cent rate to 20 per cent to be made, as the 27 per cent rate was introduced only from 6 April last.

70. Mr. M. McDowell asked the Minister for Finance the estimated yield to the Exchequer on a full year basis for 1994 to 1995 of capital acquisitions tax on inheritance and on gifts. [2557/94]

Minister for Finance (Mr. B. Ahern): I am informed by the Revenue Commissioners that the estimated yield to the Exchequer on a full year basis for 1994 of capital acquisitions tax on inheritance and gifts is £55 million. This [1506] figure comprises £39 million for mainstream inheritance tax, £3 million for gift tax, £9 million for probate tax and £4 million for discretionary trust tax. In this connection, it should be noted that probate tax and discretionary trust tax are inheritance taxes. A detailed estimate of the yield to the Exchequer on a full year basis for 1995 of capital acquisitions tax on inheritance and gifts is not yet available.

71. Mr. M. McDowell asked the Minister for Finance the estimated full year yield of the airport travel tax in the year 1994 to 1995. [2558/94]

Minister for Finance (Mr. B. Ahern): The most up to date figures available relate to the calendar year 1994 in respect of which the yield from the duty on all foreign travel is estimated to be £10.3 million. A detailed breakdown of this figure as between air and other travel is not readily available.

72. Mr. M. McDowell asked the Minister for Finance, in respect of the year 1994 to 1995, the estimated full year yield of special savings accounts and standard rate DIRT accounts. [2559/94]

Minister for Finance (Mr. B. Ahern): The latest full year for which the relevant information is available is the income tax year 1993-94. The information requested is as follows:

Estimated gross yield of DIRT in 1993/94

Special savings accounts

Standard rate accounts

Total

£m

£m

£m

16.9

159.9

176.8

These figures relate to “gross” yield, that is, before deduction of repayments. Figures of repayments cannot be separately broken down by type of savings account.