Pearse Doherty (Donegal, Sinn Fein)
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164. To ask the Minister for Finance the revenue raised by introducing a 3% income tax surcharge, levied through USC, on individual incomes with respect to the portion above €140,000, in first- and full-year terms. [27010/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that the estimated first and full year yield to the Exchequer of the Deputy’s proposal would be €290 million and €375 million respectively. This would have the result of increasing the top marginal tax rate on PAYE income from 52 per cent to 55 per cent and for non-PAYE income from 55 per cent to 58 per cent.

Pearse Doherty (Donegal, Sinn Fein)
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165. To ask the Minister for Finance the revenue raised by removing tax personal, PAYE and earned income tax credits on a tapered basis from individual incomes between €100,000 and €140,000 (at a rate of 2.5% per €1,000 above €100,000), in first- and full-year terms. [27011/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that their micro-simulation modelling tool, Tax Modeller, is built to model scenarios on a taxpayer unit basis (i.e. including jointly assessed couples as one taxpayer unit). As such, it does not generate any outputs on an individualised basis, and it is therefore not possible to estimate changes to tax credits on an individual basis for a projected tax year.

However, incomes recorded on historic tax returns can be used to estimate the potential yield and/or cost associated with the adjustment of tax credits. As 2020 is the latest year for which full tax return data is currently available to be analysed, Revenue has undertaken estimates in relation to the 2020 tax year for the tapering of the tax credits referred to by the Deputy to provide an estimated yield that may arise from this proposal.

It should be noted that although the values of the personal tax credit, employee tax credit and the earned income credit have increased since 2020, (as provided for in Budget 2022 and 2023), the 2020 values for the credits were utilised for consistency purposes in preparing these estimates.

Based on this, I am advised by Revenue that the yield in 2020 from tapering the credits as outlined by the Deputy would have been an estimated €285 million and €340 million on a first and full year basis respectively.

Pearse Doherty (Donegal, Sinn Fein)
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166. To ask the Minister for Finance the revenue raised by reducing the standard fund threshold to €1.75, €1.5 and €1.2 million in first- and full-year terms. [27013/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that the administrators of pension schemes and personal pension arrangements are not generally required to provide information on the numbers and values of individual pension funds or on individual accrued benefits to Revenue. Therefore, there is no underlying data available to Revenue on which to base reliable estimates of the savings that would arise from the proposed change to the SFT threshold.

Pearse Doherty (Donegal, Sinn Fein)
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167. To ask the Minister for Finance the revenue raised by increasing the rate of stamp duty on commercial property from 7.5% to 10% and 12.5% percent respectively, in first- and full-year terms. [27014/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that pages 18 and 19 of Revenue’s Ready Reckoner can be used to estimate the yield from changes to the rate of Stamp Duty on property. The Ready Reckoner is available on the Revenue website at www.revenue.ie/en/corporate/documents/statistics/ready-reckoner.pdf

The Ready Reckoner can be used to extrapolate the estimated additional yield from increasing the rate of stamp duty on commercial property from 7.5% to 10% and 12.5%.

The estimated additional yield would be in the region of €295 million and €590 million respectively. However, it should be noted that this estimate does not take account of behavioural changes that would arise from changing the rate.

Pearse Doherty (Donegal, Sinn Fein)
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168. To ask the Minister for Finance the revenue raised by introducing a higher 40% rate of capital gains tax, applied to the portion of gains where an individual's ordinary income and gains exceeds €500,000, taking into account the continued operation of the revised entrepreneur relief, in first- and full-year terms. [27015/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised by Revenue that the estimated full-year revenue generated from a 40% Capital Gains Tax (CGT) rate being applied to the taxable gains of individuals with aggregate income and gains in excess of €500,000 is of the order of €86 million. The first-year yield would depend on the timing of the introduction of the change.

This estimate is based on 2020 data, the latest year for which fully analysed data are available, with the higher proposed rate being applied to the amount of the gains above the combined threshold only and assumes the continuation of entrepreneur relief. Additionally, it assumes no change in behaviour by individuals resulting from the increase in the tax rate.