Written answers
Tuesday, 23 November 2004
Department of Finance
Tax Code
10:00 pm
Emmet Stagg (Kildare North, Labour)
Link to this: Individually | In context
Question 132: To ask the Minister for Finance the annual cost to the Exchequer of tax foregone in respect of pension relief from 1997 to date; the number of persons receiving tax relief in respect of retirement annuity premiums of up to 30 years, from 30 to 40 years, from 40 to 50 years and 50 years and over, respectively; and the number who have invested the maximum earning capacity in each category; and if he will make a statement on the matter. [29873/04]
Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context
I am informed by the Revenue Commissioners that the relevant available information relates to the costof tax relief on pension contributions by employers, employees and self employed and the exemption of income and gains in the pension funds together with the numbers of employees contributing to approved superannuation schemes and the numbers of claimants in respect of retirement annuity contracts which are available to the self employed and to employees not in occupational pension schemes. The information is provided for the five income tax years 1997-98 to the short tax year 2001, the latest year for which it is available.
Following is the information available:
| Income Tax relief relating to pension contributions Estimated Cost | |||||
| Income Tax Relief | 1997/98 | 1998/99 | 1999/00 | 2000/01 | 2001 |
| Contributions by employers and employees and exemption of income and gains in the pension fund* | â'¬1.5bn | â'¬1.8bn | â'¬2.2bn | â'¬2.4bn | â'¬1.8bn |
| Number of employees contributing to approved superannuation schemes** | n/a | n/a | 569,220 | 629,800 | 670,500 |
| 'Retirement Annunity Contracts' available to the self-employed and to employees not in occupational pension schemes | â'¬91.3m | â'¬116.2m | â'¬180.8m | â'¬205m | â'¬170m |
| Numbers of Claimants | 72,200 | 92,900 | 104,500 | 109,300 | 109,300 |
| *These are extremely tentative estimates. | |||||
| **Calendar year figures sourced from annual reports of the Pensions Board. |
It should be noted that as PAYE taxpayers were charged to tax on their earnings in the period from 6 April to 31 December 2001 and self-employed taxpayers were assessed to tax for the short year on 74% of the profits earned in a 12 month accounting period, the cost figures will not be directly comparable with those of earlier years.
Information on the number of persons receiving tax relief in respect of retirement annuity premiums by reference to age and maximum qualifying amount is not available.
Seán Crowe (Dublin South West, Sinn Fein)
Link to this: Individually | In context
Question 134: To ask the Minister for Finance if he intends introducing new tax breaks for cars fitted with additional safety features. [27212/04]
Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context
I will consider all aspects of taxation in framing measures for the 2005 budget. However, it has been the practice of successive Ministers for Finance not to comment on what may, or may not, be contained in a forthcoming budget and I do not intend to depart from this approach.
No comments