The annual report by the Revenue Commissioners analysing the high income individuals’ restriction in respect of the 2010 tax year indicates that the overall number of individuals who were subject to the restriction was 1,544 and that the additional tax yield was €80.18m. This represents an increase of 1,092 in the number of individuals and an increase of €41.32m in the additional tax yield from the measure when compared to 2009.

As readers will know, further limitations on the use of specified reliefs were introduced in Finance Act 2010 to ensure that, with effect from the 2010 tax year, individuals with an adjusted income level of €400,000 or more (where the full restriction applies) would pay an effective 30 per cent rate of tax on a combination of adjusted income and ring-fenced income. The Report from the Revenue Commissioners notes that this objective was achieved in the 2010 tax year.

It is also reported that the increase in the number of individuals subject to the restriction from 452 in 2009 to 1,544 in 2010 and the increase in the additional tax yield of €41.32 in were due to the measures introduced for 2010.

The Report was published on the Department of Finance website and is available from http://taxpolicy.gov.ie/wp-content/uploads/2012/07/High-Income-Individuals-Report-2010.pdf