Results 22,401-22,420 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a revised Tax Credit and Universal Social Charge Certificate issued to the person concerned in December 2011 arising from a small difference between the details of her pension on Revenue's record and the pension particulars supplied by the Department of Social Protection. Based on the information available to the Revenue Commissioners the person...

Written Answers — Bank Interest Rates: Bank Interest Rates (7 Feb 2012)

Michael Noonan: The details provided by the Deputy refer to the failure of a particular lending institution to pass on ECB rate reductions. The Deputy will be aware that the lending institutions in Ireland, including those in which the State has a substantial shareholding are independent commercial entities. The lending institution mentioned by name, in the details supplied by the Deputy, is not one in which...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (7 Feb 2012)

Michael Noonan: The Central Bank revised Code of Conduct on Mortgage Arrears (CCMA) the key framework that governs the relationship between lenders and borrowers who are in arrears, or facing arrears, on their mortgage and provides a number of protections to borrowers. These include the establishment of a formal Mortgage Arrears Resolution Process (MARP) as the framework for handling such cases, the...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 and replaced the Health Levy and the Income Levy. It is a more equitable charge and has a wider base and a lower rate when compared to the combined impact of the Income and the Health Levies. As with all taxes, receipts from the USC form part of the collective contribution to the funding of public services.

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: For the purposes of Capital Acquisitions Tax (gift and inheritance tax), the relationship between the person who provides the gift or inheritance (known as the "disponer") and the person who receives the gift or inheritance (i.e., the beneficiary), determines the maximum tax-free threshold (known as the "group threshold") below which gift or inheritance tax does not arise. There are, in all,...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Feb 2012)

Michael Noonan: NAMA informs me that property assets securing NAMA loans are under the control of debtors or of receivers appointed by the Agency. As such, it is debtors and receivers who are responsible for the preservation and maintenance of such property, including protected structures and residences which are of architectural significance. In cases where NAMA becomes aware that debtors are neglecting...

Written Answers — Pension Provisions: Pension Provisions (7 Feb 2012)

Michael Noonan: There is a long standing agreement with all of the health insurance companies, including the VHI, where an individual's health cover remains in place even in circumstances where, through no fault of his/her own, a premium is not paid. As part of the move to the greater use of shared services in the public sector in order to drive efficiencies, the Paymaster General's Office, which is part of...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The position is as I stated on 14 December 2011 in reply to Parliamentary Question Number 80, that the Universal Social Charge (USC) does not apply to social welfare payments or payments of a similar nature made by any other state or territory. However, occupational pensions are liable to the USC, if the payment is greater than the exemption limit, which from 1 January 2012 is €10,036 per...

Written Answers — Tax and Expenditure Profiles: Tax and Expenditure Profiles (7 Feb 2012)

Michael Noonan: The profile for monthly Exchequer tax revenues and debt servicing expenditure will be published this week. It is the intention of my colleague the Minister for Public Expenditure and Reform to publish expenditure profiles later this month.

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am advised by the Revenue Commissioners that a person in receipt of rental income is assessed to income tax on the net amount of the rents received, i.e. the gross rents less allowable expenses incurred in earning those rents. In computing the net amount of the rents received, only those deductions that are specified in the Taxes Consolidation Act 1997 are allowable. The legislation is...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that a Tax Credit Certificate that granted exemption from both PAYE and Universal Social Charge (USC) for the current tax year, 2012 was issued to person in question and their pension provider. The person's pension provider should refund any deductions of USC that may already have been made, from his private pension, in the current year, 2012,...

Written Answers — Tax Reliefs: Tax Reliefs (7 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that Section 134(3) of the Finance Act 1992 (as amended) and Statutory Instrument No: 353 of 1994 Disabled Drivers and Disabled Passengers (Tax Concessions) Regulations, 1994 (as amended) provide for permanent relief from the payment of specified maximum amounts of VAT and VRT for persons registered under the scheme. An application for exemption...

Written Answers — Tax Yield: Tax Yield (7 Feb 2012)

Michael Noonan: Wealth tax was introduced in tax year 1975/76 and was abolished at the end of tax year 1977/78. The rate of the tax was 1% and it applied to the "net market value", as defined, of the "taxable wealth" of an individual, a discretionary trust, or a private trading company. There were a number of allowable deductions and exemptions from the tax. I am informed by the Revenue Commissioners that...

Written Answers — National Asset Management Agency: National Asset Management Agency (7 Feb 2012)

Michael Noonan: I am informed that NAMA approves the sale of assets, including houses and apartments by debtors or receivers acting on its behalf, at the current market rate for such properties. Properties under the control of receivers or other insolvency professionals appointed by NAMA are listed on its website at http://www.nama.ie/PropertiesEnforced.php . Potential purchasers are encouraged to contact...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I am informed by the Revenue Commissioners that, according to Revenue records the person in question was granted one PAYE Credit for the years 2006 – 2011. On the 10 January 2012, the taxpayer advised Revenue that his spouse had a pension in her own right and he was granted an additional PAYE Credit for the year 2012. However, following further contact from the taxpayer when he was making a...

Written Answers — EU-IMF Programme: EU-IMF Programme (7 Feb 2012)

Michael Noonan: As part of the December 2010 ECOFIN Council recommendations to Ireland under the Excessive Deficit Procedure, Ireland is required to reduce its actual General Government deficit to below 3 per cent of GDP by 2015. The focus of Government at present is on adhering to the 8.6 per cent of GDP deficit target set for 2012 as well as on reducing the deficit to below 3 per cent of GDP by 2015, as we...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: The position is that tax relief for mortgage interest paid on a qualifying loan, a loan used for the purchase, repair, development or improvement of a person's main residence, is paid through the tax relief at source (TRS) system. Where interest relief has been ceased by Revenue, and the mortgage is subsequently the subject of repayment in accordance with an agreed schedule with the...

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: Mortgage Interest Supplement is paid by the Department of Social Protection. It is a short term support to help pay mortgage interest repayments and the payment is based on the interest portion of a mortgage after deductions have been made for mortgage interest relief and any mortgage allowance or mortgage subsidy payable towards the interest part of the mortgage by any local authority....

Written Answers — Tax Code: Tax Code (7 Feb 2012)

Michael Noonan: I propose to take Questions Nos. 133 and 134 together. The information requested, estimated by reference to the income tax years 2010 and 2011, is set out in the following table: 2010 (provisional) 2011 (provisional) Gross Income Gross Gross Range Income Numbers Tax Paid Income Numbers Tax Paid € € € € € 0 -...

Written Answers — Proposed Legislation: Proposed Legislation (7 Feb 2012)

Michael Noonan: My colleague, Mr. Alan Shatter TD, Minister for Justice, Equality and Defence, has now published the Heads of a Personal Insolvency Bill for Oireachtas and public consultation. The Bill will provide for a new framework for the formal settlement of debt and for personal insolvency. The proposed reform will consist of following main elements: · a revised judicial process (bankruptcy) to...