Written answers
Tuesday, 30 June 2009
Department of Finance
Pension Provisions
11:00 pm
Róisín Shortall (Dublin North West, Labour)
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Question 145: 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 of RACs for the last year for which figures are available. [26175/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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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 2006. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes.
The information is set out in tables following this reply which provide the number of cases, amount of deduction and reduction in tax for tax relief for RACs and PRSAs for the various contribution ranges. The information is based on income returns contained in Revenue records at the time the data were compiled for analytical purposes, representing about 90% 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 2006 | |||||||
| 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 | Tax due for payment | Gross Tax* | Reduction in tax as % of Gross Tax |
| € | € | € | € | € | € | % | |
| — | 9,000 | 103 | 147,362 | 1,354 | 900 | 2,254 | 60.1 |
| 9,000 | 10,000 | 27 | 36,514 | 3,622 | 498 | 4,120 | 87.9 |
| 10,000 | 12,000 | 90 | 161,705 | 19,983 | 7,155 | 27,138 | 73.6 |
| 12,000 | 15,000 | 158 | 250,134 | 38,969 | 31,521 | 70,490 | 55.3 |
| 15,000 | 17,000 | 178 | 320,370 | 52,430 | 50,435 | 102,865 | 51.0 |
| 17,000 | 20,000 | 356 | 607,023 | 112,105 | 163,702 | 275,807 | 40.6 |
| 20,000 | 25,000 | 831 | 1,462,525 | 284,988 | 799,430 | 1,084,418 | 26.3 |
| 25,000 | 27,000 | 430 | 860,808 | 169,171 | 572,543 | 741,714 | 22.8 |
| 27,000 | 30,000 | 623 | 1,364,158 | 264,913 | 1,072,950 | 1,337,863 | 19.8 |
| 30,000 | 35,000 | 1,066 | 2,513,938 | 588,544 | 2,471,431 | 3,059,975 | 19.2 |
| 35,000 | 40,000 | 1,102 | 2,985,619 | 946,164 | 3,596,840 | 4,543,004 | 20.8 |
| 40,000 | 50,000 | 1,810 | 6,107,436 | 2,097,090 | 8,716,196 | 10,813,286 | 19.4 |
| 50,000 | 60,000 | 1,520 | 6,292,523 | 2,090,872 | 10,151,457 | 12,242,329 | 17.1 |
| 60,000 | 75,000 | 1,692 | 8,614,429 | 2,994,203 | 15,381,571 | 18,375,774 | 16.3 |
| 75,000 | 100,000 | 1,720 | 12,085,447 | 4,909,314 | 24,676,425 | 29,585,739 | 16.6 |
| 100,000 | 150,000 | 1,277 | 14,368,202 | 6,017,916 | 31,101,111 | 37,119,027 | 16.2 |
| 150,000 | 200,000 | 452 | 7,403,141 | 3,105,442 | 18,778,232 | 21,883,674 | 14.2 |
| 200,000 | 250,000 | 226 | 4,931,248 | 2,071,124 | 13,250,432 | 15,321,556 | 13.5 |
| Over | 250,000 | 401 | 14,955,336 | 6,280,930 | 48,196,615 | 54,477,545 | 11.5 |
| Totals | 14,062 | 85,467,916 | 32,049,137 | 179,019,445 | 211,068,581 | 15.2 | |
| *"Gross tax" means the tax that would be due before relief is allowed for PRSA deductions. | |||||||
| The figures do not include contributions made by employees through employers' payroll systems and in respect of which tax relief is provided on the net pay basis. Information on such contributions is not captured in such a way as to make it possible to provide disaggregated figures. |
| INCOME TAX 2006 | |||||||
| Retirement Annuity — by range of Gross Income | |||||||
| Range of gross income | Totals | ||||||
| From | To | Number of cases | Amount of deduction | Reduction in tax | Tax due for payment | Gross Tax* | Reduction in tax as % of Gross Tax |
| € | € | € | € | € | € | % | |
| — | 9,000 | 758 | 1,017,924 | 11,765 | 3,115 | 14,880 | 79.1 |
| 9,000 | 10,000 | 208 | 294,204 | 27,143 | 2,189 | 29,332 | 92.5 |
| 10,000 | 12,000 | 570 | 932,611 | 120,454 | 34,008 | 154,462 | 78.0 |
| 12,000 | 15,000 | 1,141 | 1,956,090 | 280,294 | 225,268 | 505,562 | 55.4 |
| 15,000 | 17,000 | 1,071 | 2,003,400 | 302,625 | 378,765 | 681,390 | 44.4 |
| 17,000 | 20,000 | 2,149 | 4,141,847 | 703,082 | 1,039,705 | 1,742,787 | 40.3 |
| 20,000 | 25,000 | 4,769 | 9,744,586 | 1,823,720 | 4,227,460 | 6,051,180 | 30.1 |
| 25,000 | 27,000 | 2,286 | 4,855,427 | 941,450 | 2,739,943 | 3,681,393 | 25.6 |
| 27,000 | 30,000 | 3,815 | 8,504,697 | 1,664,465 | 5,934,111 | 7,598,576 | 21.9 |
| 30,000 | 35,000 | 6,918 | 16,699,549 | 3,610,077 | 14,081,768 | 17,691,845 | 20.4 |
| 35,000 | 40,000 | 7,134 | 19,480,087 | 5,335,239 | 20,194,177 | 25,529,416 | 20.9 |
| 40,000 | 50,000 | 13,728 | 45,570,662 | 14,134,610 | 57,069,111 | 71,203,721 | 19.9 |
| 50,000 | 60,000 | 12,010 | 49,068,511 | 15,582,360 | 71,264,408 | 86,846,768 | 17.9 |
| 60,000 | 75,000 | 14,846 | 76,318,023 | 25,432,784 | 125,946,885 | 151,379,669 | 16.8 |
| 75,000 | 100,000 | 14,880 | 113,952,157 | 45,377,951 | 196,595,768 | 241,973,719 | 18.8 |
| 100,000 | 150,000 | 11,469 | 153,025,824 | 63,710,750 | 262,121,194 | 325,831,944 | 19.6 |
| 150,000 | 200,000 | 4,176 | 95,577,779 | 40,036,324 | 160,934,586 | 200,970,910 | 19.9 |
| 200,000 | 250,000 | 2,431 | 78,299,260 | 32,837,396 | 129,985,205 | 162,822,601 | 20.2 |
| Over | 250,000 | 6,292 | 335,810,332 | 140,978,874 | 841,186,514 | 982,165,388 | 14.4 |
| Totals | 110,651 | 1,017,252,970 | 392,911,364 | 1,893,964,180 | 2,286,875,544 | 17.2 | |
| *"Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions. | |||||||
| The figures do not include contributions made by employees through employers' payroll systems and in respect of which tax relief is provided on the net pay basis. Information on such contributions is not captured in such a way as to make it possible to provide disaggregated figures. |
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