Written answers
Tuesday, 19 July 2016
Department of Finance
Insurance Levy
Michael McGrath (Cork South Central, Fianna Fail)
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214. To ask the Minister for Finance the amount raised from the 3% stamp duty and 2% levy, respectively, on insurance policies in each of the years from 2010 to 2015 in tabular form; and if he will make a statement on the matter. [22635/16]
Michael Noonan (Limerick City, Fine Gael)
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I am informed by Revenue that the following table sets out the total amounts collected in respect of non-life insurance levy for the years requested by the Deputy.
Section 125 of the Stamp Duties Consolidation Act imposes a levy of 3% on the gross amount received by an insurer in respect of certain non-life insurance premiums. The exceptions are re-insurance, voluntary health insurance, marine, aviation and transit insurance, export credit insurance and certain dental insurance contracts. The 3% levy applies to premiums received on or after 1 June 2009 in respect of offers of insurance or notices of renewal of insurance issued by an insurer on or after 8 April 2009. In relation to notices of renewal or offers of insurance issued prior to 8 April 2009, a 2% levy applies. The amounts collected at the 3 per cent rate are not separately identifiable from those collected at the 2 per cent rate.
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
---|---|---|---|---|---|---|
€m | €m | €m | €m | €m | €m | |
Non-Life Insurance Levy | 109.5 | 106.4 | 104.2 | 98.7 | 103.4 | 108.0 |
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