Written answers
Thursday, 30 September 2010
Department of Finance
Tax Yield
10:30 am
Emmet Stagg (Kildare North, Labour)
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Question 47: To ask the Minister for Finance if he will provide an estimate for 2010 of the level of tax revenue foregone resulting from the legacy costs of property related tax reliefs; and if he will make a statement on the matter. [34046/10]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Revenue Commissioners that the relevant information available on the cost to the Exchequer of all property related tax schemes is based on personal income tax returns filed by non-PAYE taxpayers and corporation tax returns filed by companies for the year 2008, the latest year for which this information is available. These are set out in the following table:
| Scheme | 2008 |
| €m | |
| Urban Renewal | 84.5 |
| Town Renewal | 23.7 |
| Seaside Resorts | 5.7 |
| Rural Renewal | 34.2 |
| Multi-storey car parks | 6.6 |
| Living over the Shop | 2.5 |
| Enterprise Areas | 2.5 |
| Park & Ride | 0.7 |
| Holiday Cottages | 10.8 |
| Hotels | 114.7 |
| Nursing Homes | 19.4 |
| Housing for the Elderly/Infirm | 3.0 |
| Hostels | 0.66 |
| Guest Houses | 0.11 |
| Convalescent Homes | 0.5 |
| Qualifying (Private) Hospitals | 12.3 |
| Qualifying Sports Injury Clinics | 1.5 |
| Buildings Used for Childcare Purposes | 12.0 |
| Mental Health Centres | 0.0 |
| Student Accommodation | 22.7 |
| Registered Caravan Parks | 0.6It should be noted that any corresponding data returned by PAYE taxpayers in the income tax return (Form 12) is not captured in the Revenue computer system. However, any PAYE taxpayer with non-PAYE income greater than €3,174 is required to complete an income tax return (Form 11). |
The estimated relief claimed has assumed tax forgone at the 41% rate for 2008 in the case of individuals and 12.5% in the case of companies. The figures shown correspond to the maximum Exchequer cost in terms of income tax and corporation tax.
The figures for 2008 are subject to adjustment in the event of late returns being filed or where returns already filed are subsequently amended.
Projections for income tax receipts are based on assumed movements in macro-economic parameters and not by reference to the costs of individual tax reliefs. Accordingly, I am not in a position to provide the projected cost data requested by the Deputy for the year 2010 in relation to the above-mentioned reliefs.
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