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Written Answers - Tax Code

Tuesday, 27 March 2012

Dáil Éireann Debate
Vol. 760 No. 3

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 152.  Deputy Paul J. Connaughton Information on Paul Connaughton Zoom on Paul Connaughton  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  if an error was made when 0.6% was deducted in annual stamp duty from a pension fund, which matured on 29 December 2011; and if he will make a statement on the matter. [16814/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan An annual stamp duty levy of 0.6% applies in each of the four years from 2011 to 2014 to the market value of assets under management in pension funds and pension plans approved under Irish tax legislation, including Occupational Pension Schemes, Retirement Annuity Contracts and Personal Retirement Savings Accounts. The value of most pension fund assets subject to the levy for 2011 was the market value of [757]those assets on 30 June 2011. In the case of a defined benefit scheme with assets that are not held under insurance contracts or a one member scheme, in respect of which scheme accounts are prepared, the trustees may choose between valuing the assets as at 30 June 2011 or on the last date of the accounting period ending in the 12 month period preceding that date. Similar asset valuation arrangements will apply for the remaining 3 years of the pension fund levy. The levy is payable in one tranche by 25 September for each of the four years of its operation.

I do not have the full details of the pension fund to which the Deputy refers in his question. However, since retirement benefits were not taken from the pension fund until 29 December 2011, the stamp duty was properly levied in respect of 2011 in line with the requirements set out above.

Question No. 153 answered with Question No. 138.

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