Michael McGrath (Cork South Central, Fianna Fail)
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Question 74: To ask the Minister for Finance the cost to the Exchequer per annum of the remaining property related tax reliefs; when these reliefs will expire; and the amount of money that would be saved for the Exchequer if they were ended immediately or on a more phased basis over a number of years. [36902/11]

Michael Noonan (Limerick City, Fine Gael)
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It is assumed that the Deputy is referring to the cost, in terms of tax foregone, of the following two property based tax incentive schemes that remain in the tax code: Mid-Shannon Corridor Tourism Infrastructure Investment (only 80% of expenditure can qualify in certain areas) and Qualifying Specialist Palliative Care Units (subject to Commencement Order). I am informed by the Revenue Commissioners that based on information regarding the cost of the Mid-Shannon Scheme, which has been received and collated for the tax year 2009, the latest year for which data is available, the annual yield to the Exchequer from the abolition of this relief could be in the region of €0.2 million. The Palliative Care Units Scheme was not commenced.

All other such schemes have been terminated, subject to transitional arrangements for certain schemes where projects were already in the pipeline. However, due to their nature these reliefs continue to entail ongoing costs on the Exchequer in terms of tax foregone.

I am informed by the Revenue Commissioners that the information provided in tax returns on the annual amounts of claims for property based tax reliefs is not sufficiently detailed to provide a basis for deriving an estimate of the remaining legacy cost to the Exchequer. I am not therefore in a position to provide the information requested by the Deputy related to savings. The estimated annual cost to the Exchequer of all "legacy" property-related tax schemes in 2009 was €341.8m.

As the Deputy will be aware an economic impact assessment of potential changes to the "legacy" property-based tax relief schemes is currently underway. This assessment includes an examination of the benefits that may accrue to the Exchequer in terms of additional tax yield from restrictions to the reliefs.