Kevin Humphreys (Dublin South East, Labour)
Link to this: Individually | In context | Oireachtas source

106. To ask the Minister for Finance the projected cost of returning the standard rate cut off point to 2010 levels for single, married and so on reversing the changes from budget 2011; and if he will make a statement on the matter. [55023/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I assume the Deputy’s question is confined to the reductions in the standard rate bands announced in Budget 2011. On this basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of returning the standard rate tax bands to 2010 levels, for single and widowed persons, as well as for lone parents and for married couples would be of the order of €535million. The figure is an estimate from the Revenue tax-forecasting model using latest actual data for the year 2011, adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and likely to be revised.

Kevin Humphreys (Dublin South East, Labour)
Link to this: Individually | In context | Oireachtas source

107. To ask the Minister for Finance the cost of returning personal income tax credits to 2010 levels reversing the changes from budget 2011; and if he will make a statement on the matter. [55024/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer, estimated by reference to 2014 incomes, of returning the personal and PAYE tax credits to their 2010 levels for single and widowed persons, as well as for lone parents and for married couples/civil partners, would be of the order of €560 million. There would also be an additional full year cost of €30 million if the other secondary tax credits were also returned to their 2010 levels, such as homecarer tax credit, dependant relative tax credit, incapacitated child tax credit, blind persons credit, age credit and various additional tax credits for widowed persons.

These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2011 adjusted as necessary for income and employment trends in the interim. They are therefore, provisional and likely to be revised.