Richard Bruton (Dublin North Central, Fine Gael)
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Question 181: To ask the Minister for Finance the tax treatment of profits made from short selling shares. [38157/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am advised by the Revenue Commissioners that in general profits made from the short selling of shares which occur in the course of a financial trade are charged to tax as trading income under Case 1 of Schedule D. Where the activity does not constitute trading, gains on the disposal of shares are liable to Capital Gains Tax.

Richard Bruton (Dublin North Central, Fine Gael)
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Question 182: To ask the Minister for Finance if the new income levy will be added to DIRT as it applies to bank accounts; if people entitled to exemption from DIRT will be exempt; and if the health levy will also apply. [38158/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The position is that deposit interest subject to DIRT will not be included as part of the income subject to the income levy.

More detailed provisions, in relation to the collection, recovery, inspection of records, and other provisions required in relation to the income levy will be set out in the Finance Bill.

The health levy is provided for in Health Contributions Act 1979, and is a matter primarily for the Minister for Health and Children. Where appropriate, the health levy continues to apply to deposit interest.

Joan Burton (Dublin West, Labour)
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Question 183: To ask the Minister for Finance the property based tax incentives and reliefs in operation; the full cost to the Exchequer in terms of taxation foregone or otherwise of each of these incentives and reliefs for the years 2007, 2008 forecast and 2009 forecast; and his plans for the termination or phasing out of these reliefs or incentives and those for which there are as yet no plans to phase out or terminate. [38189/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Revenue Commissioners that the following property based tax incentive schemes remain in the tax code and, in general, provide capital allowances at the rate of 15% for the first 6 years and 10% in year 7 for the construction or refurbishment of qualifying premises:

Convalescent Homes

Qualifying (Private) Hospitals

Qualifying Mental Health Centres

Qualifying Specialist Palliative Care Units (subject to Commencement Order)

Buildings used for Childcare Purposes (alternatively, 100% relief may be claimed in year 1)

Registered Nursing Homes

Qualifying (Nursing Home) Residential Units, and

Certain tourism infrastructure under the Mid-Shannon Scheme (only 80% of expenditure can qualify in certain areas).

I am advised by the Revenue Commissioners that data for the tax year 2007 is not yet available as the appropriate income tax and corporation tax returns for that year are either not yet due for filing (by 17th November 2008 in the case of returns filed via ROS) or have only recently been filed but have not yet been processed. For the same reason, I am not in a position to provide the data requested by the Deputy for the years 2008 and 2009.

Based on information that has been received and collated to date for the tax year 2006, the position in terms of amounts of relief claimed and maximum tax cost for that year in respect of the schemes detailed above is set out in the following table:

Apart from the schemes listed in the first paragraph of my reply which still remain in the tax code, all other property based tax incentive schemes terminated on, or before, 31 July 2008.

As regards the remaining schemes, with the exceptions of the scheme of capital allowances for qualifying mental health centres which commenced in January 2007, the mid-Shannon scheme which commenced in June 2008 and the scheme for specialist palliative care units which has yet to commence, all of the other schemes were subject to review by independent external consultants in 2005. The reviews (the reports of which are available on my Department's website) recommended the continuation of the schemes in question and I have no plans at this time to terminate those schemes.