Written answers
Thursday, 12 May 2011
Department of Finance
Tax Code
3:00 pm
Terence Flanagan (Dublin North East, Fine Gael)
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Question 46: To ask the Minister for Finance the tax reliefs that were given by him for pensions for the years 2006, 2007, 2008, 2009 and 2010; and if he will make a statement on the matter. [11044/11]
Michael Noonan (Limerick City, Fine Gael)
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I assume that the Deputy is referring to the cost of tax reliefs for the years specified in the question. The following tables provide a breakdown of the estimated cost of tax and PRSI reliefs relating to private pension contributions for 2006, 2007 and 2008, the latest year for which the most up-to-date data is available. Figures have been rounded where appropriate. I am advised by the Revenue Commissioners that while corresponding updates of the cost figures are not yet available for the tax year 2009 the necessary work of assembling the basic data to enable this to be done is ongoing. No data is available for 2010.
Estimate of the cost of tax and PRSI reliefs on private pension contributions 2006.
| Estimated costs | Numbers* | |
| € million | ||
| Employees' Contributions to approved Superannuation Schemes | 540 | 693,100 |
| Employers' Contributions to approved Superannuation Schemes | 120 | 363,100** |
| Estimated cost of exemption of employers' contributions from employee BIK | 510 | 363,100 |
| Retirement Annuity Contracts (RACs) | 435 | 125,900 |
| Personal Retirement Savings Accounts (PRSAs) | 55 | 45,200 |
| Estimated cost of PRSI and Health Levy relief on employee and employer contributions | 220 | Not available |
*Numbers as included in P35 returns from employers to Revenue for 2006.
**Numbers of employees for whom employers are contributing to occupational pension funds as included in P35 returns to Revenue for 2006.
Estimate of the cost of tax and PRSI reliefs on private pension contributions 2007
| Estimated costs | Numbers* | |
| €million | ||
| Employees' Contributions to approved Superannuation Schemes | 590 | 708,500 |
| Employers' Contributions to approved Superannuation Schemes | 150 | 364,700 ** |
| Estimated cost of exemption of employers' contributions from employee BIK | 540 | 364,700 |
| Retirement Annuity Contracts (RACs) | 408 | 121,300 |
| Personal Retirement Savings Accounts (PRSAs) | 61 | 46,600 |
| Estimated cost of PRSI and Health Levy relief on employee and employer contributions | 240 | Not available |
*Numbers as included in P35 returns from employers to Revenue for 2007.
**Numbers of employees for whom employers are contributing to occupational pension funds as included in P35 returns to Revenue for 2007.
Estimate of the cost of tax and PRSI reliefs on private pension contributions 2008.
| Estimated costs | Numbers* | |
| €million | ||
| Employees' Contributions to approved Superannuation Schemes | 655 | 792,600 |
| Employers' Contributions to approved Superannuation Schemes | 165 | 362,700** |
| Estimated cost of exemption of employers' contributions from employee BIK | 595 | 362,700 |
| Retirement Annuity Contracts (RACs) | 353 | 116,000 |
| Personal Retirement Savings Accounts (PRSAs) | 74 | 53,900 |
| Estimated cost of PRSI and Health Levy relief on employee and employer contributions | 255 | Not available |
* Numbers as included in P35 returns from employers to Revenue for 2008. Figures are as verified to date but may be subject to revision.
**Numbers of employees for whom employers are contributing to occupational pension funds as included in P35 returns to Revenue for 2008. Figures are as verified to date but may be subject to revision.
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