Written answers

Thursday, 12 October 2006

5:00 pm

Photo of Tommy BroughanTommy Broughan (Dublin North East, Labour)
Link to this: Individually | In context

Question 96: To ask the Minister for Finance the level of rules applying to stamp duty for new and second time buyers and investors; and if he will make a statement on the matter. [32528/06]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

I take it that the Deputy is asking the rates of stamp duty on residential property for first-time owner-occupying buyers, non first-time owner-occupying buyers and other buyers.

New Houses — Owner-occupiers

In the case of new houses with a floor area not exceeding 125m2, there is no stamp duty payable. Where the house exceeds 125m2, stamp duty is payable on the greater of the site value or 25% of the property value. The rates of duty are those applying to non first-time owner-occupiers of second-hand houses, listed below.

New Houses — Non Owner-occupiers

The rates of duty are those applying to non first-time owner-occupiers of second-hand houses, listed below.

Second-hand Houses — First-time Owner-occupiers

The rates of stamp duty payable are:

%
Up to €317,500Nil
€317,501 — €381,0003
€381,001 — €635,0006
Over €635,0009

Second-hand Houses — Non First-time Owner-occupiers

The rates of stamp duty payable are:

%
Up to €127,000Nil
€127,001 — €190,5003
€190,501 — €254,0004
€254,001 — €317,5005
€317,501 — €381,0006
€381,000 — €635,00071⁄2
Over €635,0009

Photo of Tommy BroughanTommy Broughan (Dublin North East, Labour)
Link to this: Individually | In context

Question 97: To ask the Minister for Finance if he will work with the Revenue Commissioners to introduce a more simplified statement on tax returns for PAYE sector for the next tax year in view of the fact that the current tax returns form is 18 pages long; and if he will make a statement on the matter. [32529/06]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

I am informed by the Revenue Commissioners that the content of Form 12, the Tax Return Form for the PAYE sector, is examined each year to ensure that only matters relevant to the proper administration of PAYE are included in it.

The Form 12 seeks details of income and capital gains, but it also provides the taxpayer with full details of the Tax Credits, Allowances and Reliefs to which they may be entitled. The current Form 12 (Return for the year 2005) contains 16 pages, the majority of which are devoted to providing the taxpayer with the opportunity to claim entitlements to relief from tax.

The vast majority of PAYE taxpayers are not required to complete a Form 12 as they can request a review of their liability by phone, in writing, by calling to a Revenue public office, or by using the new On-Line self-service facility for PAYE taxpayers. Issue of the form is, in general, restricted to people who request it to declare non-PAYE income or to claim specific non-standard reliefs and to people on higher incomes whose tax affairs tend to be more complex than the average PAYE person's.

Comments

No comments

Log in or join to post a public comment.