Written answers

Tuesday, 14 June 2005

9:00 pm

Photo of Arthur MorganArthur Morgan (Louth, Sinn Fein)
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Question 300: To ask the Minister for Finance the cost to the State in terms of lost revenue of Section 23 tax relief in each of the past three years; and if he will make a statement on the matter. [19278/05]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that, until recently, claims for section 23 relief were aggregated in tax returns with other claims and were not separately identifiable. Details of tax relief claimed for investment in these schemes were not captured by the Office of the Revenue Commissioners in such a way as to provide a specific basis for compiling estimates of the total annual cost to the Exchequer. Claims for these reliefs were aggregated in tax returns with other claims, such as with industrial buildings allowances generally or with other capital allowances, and did not distinguish between the reliefs claimed in respect of the different schemes.

My Department has been working closely with the Revenue Commissioners to examine how information capture in this area could be improved and the Revenue Commissioners have recently introduced changes to the income tax returns forms which are intended to yield additional information on the take-up of a range of reliefs claimed by individuals. This would include information on claims in respect of section 23 reliefs. This information will begin to become available from late 2005. Corresponding changes have been made to the corporation tax return form which will produce similar information for accounting periods ending in 2005 and subsequent years.

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