Written answers

Tuesday, 13 May 2014

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

183. To ask the Minister for Finance the number of persons who received tax relief on pension contributions in 2012 and 2013; the total tax expenditure associated with pension tax relief in each year; the average level of relief received; and if he will make a statement on the matter. [21111/14]

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

I am informed by the Revenue Commissioners that detailed data in respect of the tax year 2012 are currently being processed and will be available in due course, while data in respect of 2013 are still in the process of being collected or are not required to be returned until later this year.

Information on tax expenditure associated with tax relief on pension contributions in respect of 2011 is provided in the following table. As regards the number of individuals availing of pension tax relief, it should be borne in mind that the same individuals may be included in more than one category in some cases. In addition, the data on contributions to occupational pension schemes are only required to be provided on an aggregate basis by employers.

Estimate of the cost of tax and PRSI reliefs for private pension provision 2011

- Estimated costs €millionEstimated numbers
Employees' Contributions to approved Superannuation Schemes (Occupational Pension schemes)584636,000
Employers' Contributions to approved Superannuation Schemes (Occupational Pension schemes)142310,000
Estimated cost of exemption of employers' contributions from employee BIK532310,000
Retirement Annuity Contracts (RACs)164 79,000
Personal Retirement Savings Accounts (PRSAs)7258,00

Comments

No comments

Log in or join to post a public comment.