Joanna Tuffy (Dublin Mid West, Labour)
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To ask the Minister for Finance the estimated tax yield from the abolition of reliefs (details supplied); and if he will make a statement on the matter. [39607/12]

Michael Noonan (Limerick City, Fine Gael)
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I assume the Deputy is seeking an estimate of the yield that would accrue to the Exchequer, should all of the tax reliefs specified for the purposes of the restriction of reliefs be abolished. The most recent report by the Revenue Commissioners analysing the high income individuals' restriction is in respect of the 2010 tax year. This report was published by my Department early last month and is available at . Table 3 of that report shows the total value of the underlying claims in respect of specified reliefs as being €373 million. For illustration, if the total abolition of the relevant reliefs is what the Deputy has in mind, the full year yield, in terms of the 2010 claims, estimated at an assumed rate of income tax at 41%, would be in the order of €150 million.

It would be important to undertake an evaluation of each individual specified relief and the socio-economic objectives which each was designed to encourage, before the abolition of any of the reliefs could be considered. It is also important to note that many of the specified reliefs have already been abolished. However, because of the nature of some of those reliefs, individuals have a right to claim them for a seven-year period. There are a number of legal considerations that would hinder the abolition of the reliefs during such run down periods.

Joanna Tuffy (Dublin Mid West, Labour)
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To ask the Minister for Finance the estimated tax yield if a 1% levy was applied in Budget 2013 to all earners whose individual incomes surpassed €100,000 or on couples whose joint income surpassed €200,000; and if he will make a statement on the matter. [39608/12]

Michael Noonan (Limerick City, Fine Gael)
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I assume the Deputy has in mind a 1 percentage point increase in the rate of Universal Social Charge (USC) applying to incomes exceeding €100,000 in the manner indicated in the question. The Universal Social Charge (USC) is an individualised charge and as such the yield is calculated for individual incomes of more than €100,000 rather than dual incomes of more than €200,000. On that basis I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, would be €67 million. The estimated yield is based on confining the 1 percentage point increase to the portion of income which is in excess of €100,000, that is, the increase is not applied to the portion of total income earned up to €100,000. The figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and likely to be revised.