Written answers
Thursday, 18 October 2012
Department of Finance
Pension Provisions
Róisín Shortall (Dublin North West, Independent)
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To ask the Minister for Finance in respect of Appendix D of the Green Paper on Pensions, if he will provide the same information in respect of Personal Retirement Savings Accounts and Retirement Annuity Contracts for the latest year for which figures are available. [45546/12]
Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the 2009 income tax year. RACs and PRSAs are available to self-employed people and to employees who are not in occupational pension schemes. The information in the tables that follow this reply sets out the number of cases and the amounts of deduction and reduction in tax for tax relief for RACs and PRSAs for the various contribution ranges. The information is based on income returns contained in Revenue records at the time the data were compiled for analytical purposes, representing in the region of 90% of all returns expected. A married couple that has elected or been deemed to have elected for joint assessment is counted as one tax unit.
Income Tax 2009
Personal Retirement Savings Accounts - by Range of Gross Income
| Income Range | Total Number of Cases | Total Amount of Deduction | Total Reduction in Tax | Total Tax due for Payment | Gross Tax * | Reduction in Tax as Percentage of Gross Tax |
|---|---|---|---|---|---|---|
| Up to €9,000 | 389 | €569,095 | €0 | 0 | 0 | 100.0% |
| From €9,000 to €10,000 | 76 | €144,082 | €2,932 | 0 | €2,932 | 100.0% |
| From €10,000 to €12,000 | 179 | €312,298 | €29,726 | €2,258 | €31,984 | 92.9% |
| From €12,000 to €15,000 | 395 | €801,981 | €99,096 | €41,898 | €140,994 | 70.3% |
| From €15,000 to €17,000 | 281 | €561,554 | €76,659 | €39,854 | €116,513 | 65.8% |
| From €17,000 to €20,000 | 559 | €1,117,863 | €171,529 | €129,415 | €300,944 | 57.0% |
| From €20,000 to €25,000 | 1,245 | €2,500,669 | €458,417 | €587,764 | €1,046,181 | 43.8% |
| From €25,000 to €27,000 | 595 | €1,350,129 | €252,809 | €499,229 | €752,038 | 27.5% |
| From €27,000 to €30,000 | 981 | €2,200,610 | €424,504 | €1,116,830 | €1,541,334 | 33.6% |
| From €30,000 to €35,000 | 1,613 | €4,052,904 | €796,691 | €3,755,628 | €3,326,995 | 23.9% |
| From €35,000 to €40,000 | 1,645 | €4,306,349 | €1,007,863 | €2,530,304 | €4,763,491 | 21.2% |
| From €40,000 to €50,000 | 2,956 | €9,148,462 | €2,732,064 | €10,159,964 | €12,892,028 | 21.2% |
| From €50,000 to €60,000 | 2,386 | €8,447,989 | €2,682,025 | €12,632,445 | €15,314,470 | 17.5% |
| From €60,000 to €75,000 | 2,748 | €12,039,226 | €3,674,795 | €21,255,365 | €24,930,160 | 14.7% |
| From €75,000 to €100,000 | 2,893 | €17,016,973 | €6,427,644 | €35,676,997 | €42,104,641 | 15.3% |
| From €100,000 to € 150,000 | 2,186 | €20,931,152 | €8,464,430 | €48,292,858 | €56,757,288 | 14.9% |
| From €150,000 to €200,000 | 737 | €10,327,075 | €4,220,710 | €28,575,564 | €26,188,498 | 12.9% |
| From €200,000 to €250,000 | 408 | €7,522,494 | €3,084,223 | €23,104,275 | €32,796,274 | 11.8% |
| Over €250,000 | 899 | €23,864,724 | €9,747,122 | €118,922,479 | €128,669,601 | 7.6% |
| Totals | 23,171 | €127,215,629 | €44,353,237 | €307,323,127 | €351,676,364 | 12.6% |
* "Gross tax" means the tax that would be due before relief is allowed for PRSA deductions
The figures do not include contributions made by employees through employers' payroll systems and in respect of which tax relief is provided on the net pay basis. Information on such contributions is not captured in such a way as to make it possible to provide disaggregated figures.
Income Tax 2009
Retirement Annuity - by Range of Gross Income
Income
| Income Range | Total Number of Cases | Total Amount of Deduction | Total Reduction in Tax | Total Tax due for Payment | Gross Tax * | Reduction in Tax as Percentage of Gross Tax |
|---|---|---|---|---|---|---|
| Up to €9,000 | 958 | €1,277,770 | €5,847 | €2,863 | €8,710 | 67.1% |
| From €9,000 to €10,000 | 217 | €332,091 | €6,563 | €122 | €6,685 | 98.2% |
| From €10,000 to €12,000 | 559 | €862,285 | €77,343 | €8,429 | €85,772 | 90.2% |
| From €12,000 to €15,000 | 1,160 | €1,941,229 | €246,791 | €116,655 | €363,446 | 67.9% |
| From €15,000 to €17,000 | 854 | €1,596,034 | €210,660 | €154,708 | €365,368 | 57.7% |
| From €17,000 to €20,000 | 1,712 | €3,348,026 | €464,698 | €504,465 | €969,163 | 47.9% |
| From €20,000 to €25,000 | 3,614 | €7,361,412 | €1,259,933 | €1,925,876 | €3,185,809 | 39.5% |
| From €25,000 to €27,000 | 1,674 | €3,477,881 | €646,505 | €1,342,186 | €1,988,691 | 28.5% |
| From €27,000 to €30,000 | 2,749 | €5,892,566 | €1,109,790 | €2,784,092 | €3,893,882 | 24.6% |
| From €30,000 to €35,000 | 4,914 | €11,498,047 | €2,196,173 | €6,716,816 | €8,912,989 | 32.5% |
| From €35,000 to €40,000 | 5,106 | €12,860,306 | €2,770,591 | €9,817,665 | €12,588,256 | 22.0% |
| From €40,000 to €50,000 | 9,448 | €27,034,525 | €7,114,574 | €27,996,996 | €35,111,570 | 20.3% |
| From €50,000 to €60,000 | 8,210 | €27,780,435 | €8,030,508 | €37,161,336 | €45,191,844 | 17.8% |
| From €60,000 to €75,000 | 9,930 | €40,493,236 | €11,856,197 | €69,121,026 | €80,977,223 | 14.6% |
| From €75,000 to €100,000 | 10,633 | €61,809,601 | €22,867,324 | €119,463,865 | €142,331,189 | 17.7% |
| From €100,000 to € 150,000 | 8,455 | €90,682,374 | €36,459,195 | €169,239,379 | €205,698,574 | 16.1% |
| From €150,000 to €200,000 | €3,067 | €€59,207,647 | €24,113,192 | €106,507,258 | €130,620,450 | 18.5% |
| From €200,000 to €250,000 | €1,711 | €€44,347,003 | €18,112,967 | €87,816,391 | €105,929,358 | 17.1% |
| Over €250,000 | €4,233 | €151,381,900 | €61,886,378 | €553,220,871 | €615,107,249 | 10.1% |
| Totals | €79,204 | €553,184,370 | €199,435,230 | €1,193,900,999 | €1,393,336,229 | 14.3% |
* "Gross tax" means the tax that would be due before relief is allowed for Retirement Annuity deductions
The figures do not include contributions made by employees through employers' payroll systems and in respect of which tax relief is provided on the net pay basis. Information on such contributions is not captured in such a way as to make it possible to provide disaggregated figures.
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