Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

351.To ask the Minister for Finance the estimated revenue that would be raised by reducing the standard fund threshold from €2 million to €1.8 million, €1.75 million and €1.5 million, respectively. [32131/24]

Jack Chambers (Dublin West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements.

I am informed by Revenue that they are unable provide a costing for this. Information on the numbers and values of individual pension funds or on individual accrued benefits in pension schemes are not generally required to be supplied to Revenue. Therefore, currently there is no readily available underlying data or methodology on which to base reliable estimates of any possible yields which be realised arise from the reductions in the Standard Fund Threshold as outlined by the Deputy.

As the Deputy will be aware, there is an examination of the Standard Fund Threshold underway and in the context of this examination my officials are examining the issue of estimating the impact of changes to the SFT. The work on this is ongoing, and I hope I will be able to share the outcome in the future.

Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

352.To ask the Minister for Finance the estimated revenue that would be raised by introducing a second home charge of €100 and €400, respectively, in each of the years 2025, 2026, 2027, 2028 and 2029, with respect to every non-principal private residence, excluding residences owned by local authorities or AHBs. [32132/24]

Jack Chambers (Dublin West, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

I am advised by Revenue that the table below sets out the estimated yield from the introduction of an additional charge of €100 and €400 on properties liable to Local Property Tax, excluding the first property for each liable person and also excluding all other properties owned by Local Authorities and Approved Housing Bodies. Revenue does not hold adequate information to distinguish between principal and non-principal private residences for the purpose of this costing.

I am further advised that Revenue cannot provide estimates for later years due to the unknown nature of the future tax base and future economic behaviour.