Written answers
Tuesday, 23 May 2006
Department of Finance
Tax Yield
9:00 pm
Willie Penrose (Westmeath, Labour)
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Question 106: To ask the Minister for Finance the amount of stamp duty raised on premiums made by motor insurance policyholders in 2005; the estimated revenue in 2006; and if he will make a statement on the matter. [19276/06]
Brian Cowen (Laois-Offaly, Fianna Fail)
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There is a 2% stamp duty that is charged on most non-life insurance premiums and is part of the normal stamp duty system. The exceptions are re-insurance, voluntary health insurance, marine, aviation and transit insurance and export credit insurance. It was introduced in 1982.
The yield over recent years has been as follows:
Year | Yield (€m) |
2000 | 57.0 |
2001 | 69.1 |
2002 | 87.2 |
2003 | 99.7 |
2004 | 97.7 |
2005 | 90.8 |
The budgeted yield in 2006 is €90m.
It is not possible to distinguish between the different types of insurance business within the yield from the non-life levy. The purpose of the non-life levy is to broaden the stamp duty base while maintaining low direct tax rates.
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