Written answers
Tuesday, 10 March 2009
Department of Finance
Tax Code
9:00 pm
Leo Varadkar (Dublin West, Fine Gael)
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Question 145: To ask the Minister for Finance the income tax reliefs, not credits, that are available; the cost of same to the Exchequer in revenue foregone in each case; and if he will make a statement on the matter. [9658/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual's marginal rate of income tax and for which estimates of cost can be provided are set out below together with estimated costs for the year 2005, the most recent year for which the necessary detailed information is available except where otherwise stated.
| Tax Relief Provision | 2005 Cost |
| €m | |
| Person Taking Care of Incapacitated Taxpayer | 1.8 |
| Health Expenses | 134.0 |
| Contributions Under Permanent Health Benefit Schemes, after Deduction of Tax on Benefits Received | 3.2 |
| Interest paid relating to borrowings for purposes such as acquiring an interest in a company or partnership or to pay death duties. | 22.2 |
| Expenses Allowable to Employees under Schedule E | 65.0 |
| Donations to Approved Bodies | 34.0 |
| Donations to Sports Bodies. | 0.2 |
| Retirement Relief for certain Sports Persons. | 0.3 |
| Revenue Job Assist allowance | 0.4 |
| Allowance for seafarers | 0.4 |
| Investment in Corporate Trades (BES) | 16.1 |
| Investment in Seed Capital | 1.3 |
| Stock Relief | 2.0 |
| Relief for expenditure on significant buildings and gardens | 3.3 |
| Donation of Heritage items | 5.8 |
| Capital Allowances ( Income Tax only) | 734.5 |
| Rented Residential Relief — Section 23 | 239.7 |
| Investment in Films | 15.7 |
| Employees' Contributions to approved Superannuation Schemes | 540.0 (2006) |
| Exemption of Employers' contributions from employee BIK | 510.0 (2006) |
| Retirement Annuity Contracts (RACs) | 380.0 (2006) |
| Personal Retirement Savings Accounts | 120.0 (2006) |
| Tax free lump sum payments | 130.0 (2006) |
| Total | 2,959.9 |
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