Written answers
Thursday, 12 December 2019
Department of Finance
Tax Code
Peter Burke (Longford-Westmeath, Fine Gael)
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64. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €100,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €100,000 is charged at 20% and then a further increase is at the existing 33% rate. [52510/19]
Peter Burke (Longford-Westmeath, Fine Gael)
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65. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €200,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €200,000 is charged at 20% and then a further increase is at the existing 33% rate. [52511/19]
Peter Burke (Longford-Westmeath, Fine Gael)
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66. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €300,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €300,000 is charged at 20% and then a further increase is at the existing 33% rate. [52512/19]
Peter Burke (Longford-Westmeath, Fine Gael)
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67. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €400,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €400,000 is charged at 20% and then a further increase is at the existing 33% rate. [52513/19]
Peter Burke (Longford-Westmeath, Fine Gael)
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68. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €50,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €50,000 is charged at 20% and then a further increase is at the existing 33% rate. [52514/19]
Peter Burke (Longford-Westmeath, Fine Gael)
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69. To ask the Minister for Finance the estimated cost of introducing a new rate of capital acquisitions tax of 20% on the first €150,000 over the existing group A threshold in order that the first €335,000 is exempt, the next €150,000 is charged at 20% and then a further increase is at the existing 33% rate. [52515/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 64 to 69, inclusive, together.
I am advised by Revenue that the estimated full year cost of reducing the current Capital Acquisitions Tax (CAT) rate of 33% to 20% on specified amounts over the current Group A threshold amount of €335,000 is shown in the following table.
Specified Amount | €50,000 | €100,000 | €150,000 | €200,000 | €300,000 | €400,000 |
---|---|---|---|---|---|---|
Annual Cost | €12.5m | €21.2m | €27.6m | €32.9m | €40.5m | €45.7m |
The Deputy may also wish to note that the estimated cost of other changes relating to CAT are published in the Revenue Ready Reckoner at link;
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Peter Burke (Longford-Westmeath, Fine Gael)
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70. To ask the Minister for Finance his plans in respect of future changes in the rate of DIRT. [52516/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy may be aware, the rate of DIRT will be 33 per cent as respects the year of assessment 2020 having been reduced by 2 per cent per annum from 41 per cent in Budget 2017 and Finance Bill 2016.
As is the case with all taxes, any possible future changes to the rate of DIRT are considered in the context of the Budget and Finance Bill processes.
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