Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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Question 25: To ask the Minister for Finance if he will proceed with the standardisation of tax reliefs as set out in the national recovery plan; the property tax reliefs, tax reliefs and property shelters that will be reduced, capped or abolished; and if he will make a statement on the matter. [5403/11]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy may be aware that we undertook in the programme for Government to reduce, cap or abolish property tax reliefs and other tax shelters which benefit very high income earners. All tax reliefs are reviewed as part of the annual budget and Finance Bill process. The EU/IMF programme of assistance included commitments to, among other things; reduce tax relief over the period to 2014 on pension contributions. These proposals form part of the fiscal consolidation commitments agreed with the EU Commission, the IMF and the ECB. This approach has implications for the incentive for individuals to save for retirement and I will be examining the potential for alternative approaches in the coming months.

In relation to the property tax reliefs, the Deputy will be aware that the Finance Act 2011 provides for the progressive restriction and eventual abolition of the use of accelerated capital allowances under the various property and area-based tax incentive schemes and the relief for lessors of certain residential property, commonly known as section 23-type relief.

These restrictions are subject to a commencement order, which can come into effect 60 days after the publication of an economic impact assessment.

I am currently considering this matter.