Written answers
Thursday, 24 October 2024
Department of Finance
Tax Code
Colm Brophy (Dublin South West, Fine Gael)
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118. To ask the Minister for Finance the cost of increasing the personal, employee and earned income credits by €50, €100, €150 and €200 every year between 2026 and 2030. [43724/24]
Colm Brophy (Dublin South West, Fine Gael)
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119. To ask the Minister for Finance the cost of increasing the point at which a worker enters the higher income tax band by increasing the standard rate cut-off point by €2,000, €2,500 and €3,000 every year from 2026 to 2030. [43725/24]
Colm Brophy (Dublin South West, Fine Gael)
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120. To ask the Minister for Finance the cost of increasing the 2% USC band applying between €12,012 and €27,382 to €35,000, €40,000, €45,000 and €50,000 in the calendar year 2026. [43726/24]
Colm Brophy (Dublin South West, Fine Gael)
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121. To ask the Minister for Finance the cost of increasing the 3% USC band applying from €27,382 to €70,044 to €80,000, €85,000, €90,000, €95,000 and €100,000 in the calendar year 2026. [43727/24]
Colm Brophy (Dublin South West, Fine Gael)
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122. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €40,000 and the 3% band applies from €40,000 to €70,044, in the calendar year 2026. [43728/24]
Colm Brophy (Dublin South West, Fine Gael)
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123. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €50,000 and the 3% band applies from €50,000 to €70,044 in the calendar year 2026. [43729/24]
Colm Brophy (Dublin South West, Fine Gael)
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124. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €40,000, the 3% band applies from €40,000 to €80,000 and the 8% band applies from €80,000 upwards. [43730/24]
Colm Brophy (Dublin South West, Fine Gael)
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125. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €50,000, the 3% band applies from €50,000 to €80,000 and the 8% band applies from €80,000 upwards. [43731/24]
Colm Brophy (Dublin South West, Fine Gael)
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126. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €50,000, the 3% band applies from €50,000 to €90,000 and the 8% band applies from €90,000 upwards. [43732/24]
Colm Brophy (Dublin South West, Fine Gael)
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127. To ask the Minister for Finance the cost of adjusting the USC thresholds so that the 2% band applies from €12,012 to €50,000, the 3% band applies from €50,000 to €100,000 and the 8% band applies from €100,000 upwards. [43733/24]
Jack Chambers (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 118, 119, 120, 121, 122, 123, 124, 125, 126 and 127 together.
I am advised by Revenue that, following the announcement of Budget 2025 on 1 October 2024, Revenue is in the process of updating its income tax estimates model to take account of these changes. Once finalised, Revenue will publish an update of the Ready Reckoner, which enables calculation of the cost or yield arising from a range of potential changes to tax charges, by 25 October 2024 on the Revenue website at:
Once published, Revenue will then be in a position to provide estimates for 2025 relating to changes to income tax policy, on a post-Budget 2025 basis.
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.
Colm Brophy (Dublin South West, Fine Gael)
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128. To ask the Minister for Finance the cost of increasing the capital acquisitions tax group A threshold to €500,000, €550,000 and €600,000. [43734/24]
Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group A threshold to €500,000, €550,000 and €600,000 and it is set out in table below.
Table 1: Capital Acquisitions Tax Group A
Group A | Cost |
---|---|
€500,000 | €66m |
€550,000 | €88m |
€600,000 | €106m |
An update of the Ready Reckoner, which enables calculation of the cost or yield arising from a range of potential changes to tax charges, including Capital Acquisitions Tax, is due to issue by 25 October 2024 on the Revenue website at: .
Colm Brophy (Dublin South West, Fine Gael)
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129. To ask the Minister for Finance the cost of increasing the capital acquisitions tax group B threshold to €50,000, €60,000, €70,000 and (iv) €75,000. [43735/24]
Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group B threshold to €50,000, €60,000, €70,000 and (iv) €75,000 is set out in the table below.
Table 1: Capital Acquisitions Tax Group B
Group B | Cost |
---|---|
€50,000 | €30m |
€60,000 | €53m |
€70,000 | €73m |
€75,000 | €82m |
An update of the Ready Reckoner, which enables calculation of the cost or yield arising from a range of potential changes to tax charges, including Capital Acquisitions Tax, is due to issue by 25 October 2024 on the Revenue website at:
Colm Brophy (Dublin South West, Fine Gael)
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130. To ask the Minister for Finance the cost of increasing the capital acquisitions tax group C threshold to €30,000, €40,000 and €50,000. [43736/24]
Jack Chambers (Dublin West, Fianna Fail)
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I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group C threshold to €30,000, €40,000 and €50,000 is set out in the table below.
Table 1: Capital Acquisitions Tax Group C
Group C | Cost |
---|---|
€30,000 | €9m |
€40,000 | €15m |
€50,000 | €21m |
An update of the Ready Reckoner, which enables calculation of the cost or yield arising from a range of potential changes to tax charges, including Capital Acquisitions Tax, is due to issue by 25 October 2024 on the Revenue website at:
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