Oireachtas Joint and Select Committees

Wednesday, 19 November 2014

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Finance Bill 2014: Committee Stage (Resumed)

6:05 pm

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael) | Oireachtas source

I will check now. My advice is that while it is difficult to arrive at a precise number, we are discussing a figure in the hundreds rather than the thousands. The table I have before me is not particularly clear and may be deceptive, but it probably gives the Deputy a flavour. The overall number of protective notifications received is 518. The overall number of protective notices under investigation or litigation is 443. The overall number of protective notifications closed is 75. These are the statistics for the end of June 2014.

I refer to numbers being investigated under the different schemes. The figure for the income tax loss scheme - the leverage financial trading scheme - is 427. The amount of tax at issue is €30.1 million. In terms of the year received, the figures are 19 in 2010, 40 in 2011, 129 in 2012, 136 in 2013 and 104 in 2014. One can see that was a fairly active scheme being marketed under that heading. The next scheme is a GCT loss scheme - option on spread betting on the euro and on the dollar. It is a foreign exchange scheme. The number is 12 and the amount of tax is €12.5 million.

The figure for the next scheme, the corporate deduction regarding employee benefit trust scheme, is three. The amount of tax involved was €400,000 and 2014 was the year of notification. In regard to the capital allowances scheme - claim under section 291A of the sale of service mark to connected companies - the amount not quantified was one and that goes back to 2012.

The principal one is the income tax loss scheme - the leverage financial trading scheme - where there are 427 of them, ranging over a number of years. They go back to 2010 but they are still not resolved. The court process will, in theory, deal with them but a queue has formed. That is the principal target, if I am not misreading the statistics.

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