Written answers
Thursday, 26 March 2009
Department of Finance
Tax Code
4:00 pm
Róisín Shortall (Dublin North West, Labour)
Link to this: Individually | In context
Question 109: To ask the Minister for Finance if, in respect of appendix D of the Green Paper on Pensions, he will provide the same information in respect of PRSAs and RACs for the last year for which figures are available. [12782/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context
I am informed by the Revenue Commissioners that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2005. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes.
The information is set out in the following tables, which provide the number of cases, amount of deduction and reduction in tax for tax relief for RACs and PRSAs for the various income ranges. The information is based on income returns contained in Revenue records at the time the data were compiled for analytical purposes, representing about 98.5 % of all returns expected. A married couple who has elected or has deemed to have elected for joint assessment is counted as one tax unit.
| INCOME TAX 2005 | ||||||
| Retirement Annuity — by range of Gross Income | ||||||
| Range of gross income | Totals | |||||
| From | To | Number of cases | Amount of deduction | Reduction in tax | Gross Tax* | Reduction in tax as % of Gross Tax |
| € | € | € | € | € | % | |
| — | 9,000 | 1,008 | 1,881,903 | 75,498 | 82,740 | 91.2 |
| 9,000 | 10,000 | 265 | 374,631 | 30,386 | 33,229 | 91.4 |
| 10,000 | 12,000 | 657 | 1,025,582 | 134,741 | 190,034 | 70.9 |
| 12,000 | 15,000 | 1,392 | 2,392,161 | 350,206 | 679,108 | 51.6 |
| 15,000 | 17,000 | 1,323 | 2,233,300 | 352,112 | 842,250 | 41.8 |
| 17,000 | 20,000 | 2,589 | 4,780,514 | 816,857 | 2,287,102 | 35.7 |
| 20,000 | 25,000 | 5,651 | 11,087,382 | 2,080,370 | 7,539,642 | 27.6 |
| 25,000 | 27,000 | 2,715 | 5,668,769 | 1,098,028 | 4,696,639 | 23.4 |
| 27,000 | 30,000 | 4,381 | 9,484,765 | 1,880,533 | 9,069,509 | 20.7 |
| 30,000 | 35,000 | 7,751 | 18,261,845 | 4,705,878 | 22,318,537 | 21.1 |
| 35,000 | 40,000 | 7,780 | 20,674,562 | 6,003,555 | 30,473,740 | 19.7 |
| 40,000 | 50,000 | 14,363 | 45,816,794 | 14,547,614 | 79,144,477 | 18.4 |
| 50,000 | 60,000 | 12,398 | 48,880,951 | 15,565,254 | 95,469,140 | 16.3 |
| 60,000 | 75,000 | 14,057 | 70,245,866 | 25,617,798 | 155,121,844 | 16.5 |
| 75,000 | 100,000 | 13,615 | 99,961,110 | 40,744,562 | 235,383,899 | 17.3 |
| 100,000 | 150,000 | 9,892 | 125,055,147 | 52,235,223 | 295,482,218 | 17.7 |
| 150,000 | 200,000 | 3,705 | 81,437,198 | 34,165,790 | 184,174,412 | 18.6 |
| 200,000 | 250,000 | 2,240 | 67,483,762 | 28,305,769 | 153,550,523 | 18.4 |
| Over | 250,000 | 5,532 | 278,887,354 | 117,075,544 | 832,516,852 | 14.1 |
| Totals | 111,314 | 895,633,596 | 345,785,718 | 2,109,055,895 | 16.4 | |
| *"Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions. |
| INCOME TAX 2005 | ||||||
| Personal Retirement Savings Accounts — by range of Gross Income | ||||||
| Range of gross income | Totals | |||||
| From | To | Number of cases | Amount of deduction | Reduction in tax | Gross Tax* | Reduction in tax as % of Gross Tax |
| € | € | € | € | € | % | |
| — | 9,000 | 99 | 131,880 | 1,331 | 1,655 | 80.4 |
| 9,000 | 10,000 | 36 | 44,781 | 4,764 | 5,745 | 82.9 |
| 10,000 | 12,000 | 59 | 85,072 | 11,937 | 17,987 | 66.4 |
| 12,000 | 15,000 | 150 | 233,336 | 32,587 | 63,085 | 51.7 |
| 15,000 | 17,000 | 149 | 223,139 | 38,841 | 91,737 | 42.3 |
| 17,000 | 20,000 | 309 | 508,353 | 91,482 | 285,601 | 32.0 |
| 20,000 | 25,000 | 672 | 1,222,950 | 234,106 | 964,971 | 24.3 |
| 25,000 | 27,000 | 341 | 633,141 | 121,908 | 658,814 | 18.5 |
| 27,000 | 30,000 | 468 | 909,837 | 182,962 | 1,146,859 | 16.0 |
| 30,000 | 35,000 | 784 | 1,885,268 | 550,654 | 2,586,331 | 21.3 |
| 35,000 | 40,000 | 748 | 2,020,822 | 673,858 | 3,504,921 | 19.2 |
| 40,000 | 50,000 | 1,231 | 3,918,871 | 1,331,798 | 7,816,522 | 17.0 |
| 50,000 | 60,000 | 1,010 | 4,258,348 | 1,460,433 | 8,867,772 | 16.5 |
| 60,000 | 75,000 | 1,152 | 5,832,227 | 2,224,524 | 13,755,660 | 16.2 |
| 75,000 | 100,000 | 1,143 | 8,357,350 | 3,448,343 | 20,731,795 | 16.6 |
| 100,000 | 150,000 | 914 | 10,057,040 | 4,219,484 | 28,241,781 | 14.9 |
| 150,000 | 200,000 | 302 | 5,161,334 | 2,166,660 | 15,221,998 | 14.2 |
| 200,000 | 250,000 | 157 | 3,749,842 | 1,572,734 | 10,862,836 | 14.5 |
| Over | 250,000 | 282 | 9,359,602 | 3,931,033 | 39,741,329 | 9.9 |
| Totals | 10,006 | 58,593,193 | 22,299,439 | 154,567,399 | 14.4 | |
| *"Gross tax" means the tax that would be due before relief is allowed for PRSA deductions. |
No comments