Michael McGrath (Cork South Central, Fianna Fail)
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149. To ask the Minister for Finance the saving that would be achieved by reducing the age exemption limit from €18,000 for a single person and €36,000 for a married couple to €17,000 and €34,000, respectively; and if he will make a statement on the matter. [36633/13]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the age exemption limit in the manner mentioned by the Deputy would be of the order of €24 million. It should be noted that, if the age exemption limit for single individuals was reduced in the manner as set out in the question, it would have the effect of ending the limit for such individuals, as it would be more beneficial to be taxed under the normal tax system of credits and bands.

This estimate is derived 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.

It should also be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.