Michael Noonan (Limerick City, Fine Gael)
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According to the Revenue Commissioners' annual report on the restriction for the tax year 2011, 29 individuals who availed of this relief were affected by the restriction. The amount of relief used by these individuals was €314,426; in 2010, 38 individuals were affected, using €764,550. It is a judgment as to what additional imposition can be placed on individuals. The most recent figures available are for 2011. The relief cost the Exchequer approximately €4 million. This relief is subject to the higher earner restriction, which limits the amount of relief that can be claimed in full by individuals to €80,000 in any one tax year before restrictions begin to apply. Obviously, the measure of what is harsh and what is not harsh depends on the people who are affected and the extent of the change being made in any one year. The precedents arise from reliefs in company law, where a similar time period applies. I suggest that what we are proposing is reasonable and what the Deputy is proposing, in my view, is unduly harsh, but he can argue the opposite.