Written answers
Wednesday, 14 December 2016
Department of Finance
Tax Reliefs Costs
Róisín Shortall (Dublin North West, Social Democrats)
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91. To ask the Minister for Finance if, in respect of appendix D of the Green Paper on Pensions, he will provide the same information in respect of PRSAs and RACs for the past three years for which figures are available. [40433/16]
Michael Noonan (Limerick City, Fine Gael)
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I am informed by Revenue that the following tables show the latest relevant information in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the years 2012, 2013 and 2014.
The information in the tables sets out the number of cases, the amount of deduction and the reduction in tax for tax relief (for RACs and PRSAs) for the various income ranges.
The figures do not include contributions made by employees through employers' payroll systems and in respect of which tax relief is provided on the net pay basis. Information on such contributions is not captured in such a way as to make it possible to provide disaggregated figures. It should also be noted that a married couple or those in a civil partnership who have elected or been deemed to have elected for joint assessment are counted as one tax unit.
Due to the nature of the returns and the data available to Revenue it is not possible to separately identify PRSA and RAC contributions, and they are combined, along with Qualifying Overseas Pension Plans (QOPP) under the title 'Pension Contribution' for the years 2013 and 2014.
2012 Retirement Annuity
| Range of gross income | Totals | ||||||
|---|---|---|---|---|---|---|---|
| From € | To € | Number of cases € | Amount of deduction € | Reduction in tax € | Tax due for payment € | Gross Tax * € | Reduction in tax as % of Gross Tax % |
| - | 9,000 | 627 | 2,269,318 | 183,967 | 24,193 | 208,160 | 88.4 |
| 9,000 | 10,000 | 128 | 379,694 | 44,934 | 8,941 | 53,875 | 83.4 |
| 10,000 | 12,000 | 366 | 985,839 | 119,945 | 26,396 | 146,341 | 82.0 |
| 12,000 | 15,000 | 717 | 1,883,476 | 246,133 | 124,108 | 370,241 | 66.5 |
| 15,000 | 17,000 | 588 | 1,568,188 | 222,296 | 187,988 | 410,284 | 54.2 |
| 17,000 | 20,000 | 1,067 | 3,092,623 | 523,817 | 454,473 | 978,290 | 53.5 |
| 20,000 | 25,000 | 2,276 | 6,223,917 | 1,183,368 | 1,681,963 | 2,865,331 | 41.3 |
| 25,000 | 27,000 | 1,070 | 2,747,711 | 524,836 | 1,089,656 | 1,614,492 | 32.5 |
| 27,000 | 30,000 | 1,751 | 5,098,967 | 1,037,114 | 2,250,496 | 3,287,610 | 31.5 |
| 30,000 | 35,000 | 2,981 | 8,742,646 | 1,847,918 | 5,385,828 | 7,233,746 | 25.5 |
| 35,000 | 40,000 | 3,149 | 10,902,002 | 2,844,386 | 7,624,417 | 10,468,803 | 27.2 |
| 40,000 | 50,000 | 6,050 | 21,408,472 | 5,944,646 | 22,167,776 | 28,112,422 | 21.1 |
| 50,000 | 60,000 | 5,337 | 22,549,566 | 6,719,806 | 29,446,717 | 36,166,523 | 18.6 |
| 60,000 | 75,000 | 6,909 | 33,902,775 | 9,640,463 | 54,522,030 | 64,162,493 | 15.0 |
| 75,000 | 100,000 | 7,435 | 49,888,452 | 18,178,293 | 94,376,011 | 112,554,304 | 16.2 |
| 100,000 | 150,000 | 6,248 | 71,078,518 | 28,414,977 | 136,297,531 | 164,712,508 | 17.3 |
| 150,000 | 200,000 | 2,363 | 43,864,366 | 17,878,658 | 90,909,054 | 108,787,712 | 16.4 |
| 200,000 | 250,000 | 1,316 | 30,850,300 | 12,577,945 | 74,250,472 | 86,828,417 | 14.5 |
| Over | 250,000 | 2,567 | 76,996,832 | 31,495,068 | 358,333,117 | 389,828,185 | 8.1 |
| Totals | 52,945 | 394,433,662 | 139,628,570 | 879,161,167 | 1,018,789,737 | 13.7 |
* "Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions
2012 Personal Retirement Savings Accounts
| Range of gross income | Totals | ||||||
|---|---|---|---|---|---|---|---|
| From € | To € | Number of cases € | Amount of deduction € | Reduction in tax € | Tax due for payment € | Gross Tax * € | Reduction in tax as % of Gross Tax % |
| - | 9,000 | 349 | 955,763 | 30,001 | 14,859 | 44,860 | 66.9 |
| 9,000 | 10,000 | 70 | 133,075 | 12,964 | 2,891 | 15,855 | 81.8 |
| 10,000 | 12,000 | 172 | 398,171 | 41,332 | 17,317 | 58,649 | 70.5 |
| 12,000 | 15,000 | 277 | 660,200 | 95,058 | 60,162 | 155,220 | 61.2 |
| 15,000 | 17,000 | 225 | 572,932 | 85,805 | 51,640 | 137,445 | 62.4 |
| 17,000 | 20,000 | 437 | 898,997 | 158,422 | 140,705 | 299,127 | 53.0 |
| 20,000 | 25,000 | 997 | 2,370,585 | 458,338 | 726,165 | 1,184,503 | 38.7 |
| 25,000 | 27,000 | 452 | 1,144,494 | 217,697 | 506,391 | 724,088 | 30.1 |
| 27,000 | 30,000 | 718 | 1,612,927 | 312,729 | 1,014,849 | 1,327,578 | 23.6 |
| 30,000 | 35,000 | 1,357 | 3,399,767 | 737,032 | 2,684,659 | 3,421,691 | 21.5 |
| 35,000 | 40,000 | 1,305 | 3,423,316 | 993,155 | 3,672,853 | 4,666,008 | 21.3 |
| 40,000 | 50,000 | 2,687 | 8,483,889 | 2,646,582 | 11,902,816 | 14,549,398 | 18.2 |
| 50,000 | 60,000 | 2,159 | 7,662,569 | 2,467,668 | 13,717,909 | 16,185,577 | 15.2 |
| 60,000 | 75,000 | 2,467 | 10,722,771 | 3,645,049 | 21,640,946 | 25,285,995 | 14.4 |
| 75,000 | 100,000 | 2,567 | 15,582,794 | 6,162,062 | 35,459,173 | 41,621,235 | 14.8 |
| 100,000 | 150,000 | 1,969 | 17,261,091 | 7,022,555 | 49,030,008 | 56,052,563 | 12.5 |
| 150,000 | 200,000 | 705 | 10,045,362 | 4,103,990 | 29,150,267 | 33,254,257 | 12.3 |
| 200,000 | 250,000 | 371 | 6,947,685 | 2,836,148 | 22,281,443 | 25,117,591 | 11.3 |
| Over | 250,000 | 632 | 15,965,619 | 6,544,264 | 81,054,465 | 87,598,729 | 7.5 |
| Totals | 19,916 | 108,242,007 | 38,570,851 | 273,129,518 | 311,700,369 | 12.4 |
* "Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions
2013 Pension Contributions (PRSA, RAC and QOPP)
| Range of gross income | Totals | ||||||
|---|---|---|---|---|---|---|---|
| From € | To € | Number of cases € | Amount of deduction € | Reduction in tax € | Tax due for payment € | Gross Tax * € | Reduction in tax as % of Gross Tax % |
| - | 9,000 | 386 | 535,614 | 3,818 | 8,795 | 12,613 | 30.3 |
| 9,000 | 10,000 | 118 | 189,441 | 11,235 | 6,251 | 17,486 | 64.3 |
| 10,000 | 12,000 | 330 | 580,849 | 55,577 | 28,760 | 84,337 | 65.9 |
| 12,000 | 15,000 | 568 | 1,058,308 | 140,138 | 141,155 | 281,293 | 49.8 |
| 15,000 | 17,000 | 523 | 1,043,139 | 152,532 | 221,172 | 373,704 | 40.8 |
| 17,000 | 20,000 | 932 | 1,945,312 | 314,481 | 465,541 | 780,022 | 40.3 |
| 20,000 | 25,000 | 2,075 | 4,551,828 | 838,569 | 1,699,931 | 2,538,500 | 33.0 |
| 25,000 | 27,000 | 997 | 2,318,333 | 436,518 | 1,153,872 | 1,590,390 | 27.4 |
| 27,000 | 30,000 | 1,547 | 3,729,076 | 714,724 | 2,236,929 | 2,951,653 | 24.2 |
| 30,000 | 35,000 | 2,791 | 7,002,455 | 1,442,799 | 5,414,890 | 6,857,689 | 21.0 |
| 35,000 | 40,000 | 3,091 | 8,720,218 | 2,322,718 | 8,273,449 | 10,596,167 | 21.9 |
| 40,000 | 50,000 | 6,127 | 20,140,026 | 6,057,524 | 24,734,270 | 30,791,794 | 19.7 |
| 50,000 | 60,000 | 5,427 | 21,436,870 | 6,736,123 | 31,672,145 | 38,408,268 | 17.5 |
| 60,000 | 75,000 | 7,211 | 34,330,894 | 11,314,764 | 58,932,807 | 70,247,571 | 16.1 |
| 75,000 | 100,000 | 8,535 | 57,436,175 | 22,402,718 | 109,001,822 | 131,404,540 | 17.0 |
| 100,000 | 150,000 | 7,317 | 83,058,110 | 33,718,708 | 162,877,683 | 196,596,391 | 17.2 |
| 150,000 | 200,000 | 2,853 | 51,985,172 | 21,245,290 | 111,262,903 | 132,508,193 | 16.0 |
| 200,000 | 250,000 | 1,450 | 32,354,314 | 13,247,073 | 82,296,146 | 95,543,219 | 13.9 |
| Over | 250,000 | 2,837 | 78,384,014 | 32,123,180 | 408,216,030 | 440,339,210 | 7.3 |
| Totals | 55,115 | 410,800,148 | 153,278,489 | 1,008,644,551 | 1,161,923,040 | 13.2 |
* "Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions
2014 Pension Contributions (PRSA, RAC and QOPP)
| Range of gross income | Totals | ||||||
|---|---|---|---|---|---|---|---|
| From € | To € | Number of cases € | Amount of deduction € | Reduction in tax € | Tax due for payment € | Gross Tax * € | Reduction in tax as % of Gross Tax % |
| - | 9,000 | 245 | 306,027 | 2,221 | 12,100 | 14,321 | 15.5 |
| 9,000 | 10,000 | 90 | 120,244 | 8,464 | 3,238 | 11,702 | 72.3 |
| 10,000 | 20,000 | 230 | 375,253 | 42,290 | 32,202 | 74,492 | 56.8 |
| 12,000 | 15,000 | 441 | 888,012 | 117,867 | 137,291 | 255,158 | 46.2 |
| 15,000 | 17,000 | 369 | 752,726 | 111,780 | 170,415 | 282,195 | 39.6 |
| 17,000 | 20,000 | 782 | 1,686,747 | 270,404 | 487,452 | 757,856 | 35.7 |
| 20,000 | 25,000 | 1,659 | 3,925,518 | 716,150 | 1,603,948 | 2,320,098 | 30.9 |
| 25,000 | 27,000 | 770 | 1,886,777 | 361,250 | 952,312 | 1,313,562 | 27.5 |
| 27,000 | 30,000 | 1,285 | 3,195,611 | 616,950 | 1,947,068 | 2,564,018 | 24.1 |
| 30,000 | 35,000 | 2,423 | 6,694,671 | 1,377,645 | 4,926,236 | 6,303,881 | 21.9 |
| 35,000 | 40,000 | 2,628 | 7,667,453 | 2,031,917 | 7,162,668 | 9,194,585 | 22.1 |
| 40,000 | 50,000 | 5,545 | 19,651,837 | 5,889,422 | 22,557,847 | 28,447,269 | 20.7 |
| 50,000 | 60,000 | 5,163 | 22,340,490 | 7,105,441 | 30,540,540 | 37,645,981 | 18.9 |
| 60,000 | 75,000 | 6,747 | 33,784,532 | 11,080,944 | 56,219,308 | 67,300,252 | 16.5 |
| 75,000 | 100,000 | 8,644 | 61,449,348 | 23,946,493 | 110,898,459 | 134,844,952 | 17.8 |
| 100,000 | 150,000 | 7,620 | 87,859,003 | 35,697,810 | 171,134,350 | 206,832,160 | 17.3 |
| 150,000 | 200,000 | 2,880 | 53,399,061 | 21,860,549 | 114,372,587 | 136,233,136 | 16.0 |
| 200,000 | 250,000 | 1,555 | 34,779,547 | 14,239,017 | 89,325,597 | 103,564,614 | 13.7 |
| Over | 250,000 | 2,868 | 79,938,035 | 32,754,343 | 427,883,798 | 460,638,141 | 7.1 |
| Totals | 51,944 | 420,700,892 | 158,230,957 | 1,040,367,416 | 1,198,598,373 | 13.2 |
* "Gross tax" means the tax that would be due before relief is allowed for retirement annuity deductions
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