Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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216. To ask the Minister for Finance the cost of abolishing all tax breaks specific to REITs including CGT and rental income, including the projected yield in CGT over the next five years. [27500/16]

Michael Noonan (Limerick City, Fine Gael)
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A Real Estate Investment Trust (REIT) is a collective investment vehicle designed to hold properties in a tax neutral manner. The function of the REIT regime is to eliminate the double layer of taxation that is usually associated with holding properties in a corporate or collective vehicle. A REIT is exempt from any tax on its qualifying income and gains from rental property, however, the REIT is obliged to distribute 85% of its profits to shareholders. Individuals are liable to tax at their marginal rates, corporates are liable to tax at 25% and for all foreign investors, the REIT will withhold DWT at the standard tax rate of 20%. 

I am advised by Revenue that based on information available, that is not possible to estimate the cost of abolishing all tax exemptions specific to REIT, nor is it possible to estimate the projected yield in Capital Gains Tax in such a measure.

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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217. To ask the Minister for Finance the projected yield in 2017 of increasing CGT from 33% to 40%. [27501/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that a wide range of statistical information is available on the Revenue Statistics webpage at.

In relation to the Deputy's Question, information on the projected yield from increasing the rate of Capital Gains Tax (CGT) can be found on the webpage under the "Ready-Reckoner" heading (). While the Ready Reckoner does not show the specific rate increase requested by the Deputy, changes can be estimated broadly on a pro-rata or straight-line basis with those displayed in the Reckoner. It should be noted that the potential yields shown in the Reckoner are maximum yields and do not reflect any potential behavioural change by taxpayers.