Results 23,221-23,240 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: Section 473 of the Taxes Consolidation Act, 1997 provides tax relief at the standard rate to individuals who pay for private rented accommodation that is used as their sole or main residence. The level of rent qualifying for rent relief depends on an individual's marital status and age. In Budget 2011, it was announced that rent relief was being withdrawn on a phased basis. No new...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: It is assumed that the imposition of a cap of €35,000 as mentioned in the question would have the effect of withdrawing the tax exemption from all qualifying income in excess of €35,000. The full year yield to the Exchequer, estimated by reference to the tax year 2009, the latest year for which the necessary detailed information is available, is approximately €0.6 million. However,...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: The current annual earnings cap of €115,000 acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on employee or personal pension contributions. I am informed by the Revenue Commissioners that the full year yield to the Exchequer arising from reducing the earnings cap to €100,000...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: The high earner's restriction for individuals on high incomes, who make significant use of certain specified tax reliefs, was announced in Budget 2006 and came into effect from 1 January 2007. The restriction works by limiting the total amount of specified reliefs that a high income individual can use to reduce his or her tax liability in any one tax year. Prior to the introduction of this...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (17 Nov 2011)

Michael Noonan: The Central Bank have advised my Department that they cannot comment on their contacts, if any, with individual financial institutions on this issue. I can confirm that neither my Department, nor myself, have had any contact with AIB or Bank of Ireland in relation to this matter. I am advised that Irish Life and Permanent previously offered such a scheme and as a result the matter was...

Written Answers — Ministerial Allowances: Ministerial Allowances (17 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 61 and 77 together. Section 836 of the Taxes Consolidation Act provides for a tax deduction under section 114 of the Taxes Consolidation Act 1997 in respect of the cost of maintaining a second residence where, arising out of the performance of his or her duties, a Minister or a Minister of State is obliged to maintain that second residence in addition to his...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated yield in a full year by raising the top rate of VAT by 1% and by 2% is €335m and €670m respectively.

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the revenue that would be raised in a full calendar year by increasing the carbon tax by €7 per tonne of CO2 on fossil fuels (excluding solid fuels) to €22 per tonne would yield approximately €146 million (VAT inclusive). The impact on the price of fuels is shown in the following table: Fuel Type Unit Price Carbon Tax per unit(VAT...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that a breakdown between rent received from residential property and other types of property is not sought or provided in tax returns. However based on personal income tax returns filed by non-PAYE taxpayers and corporation tax returns filed by companies for the year 2009, the latest year for which this information is available, and making certain...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: The current group tax free threshold amounts for Capital Acquisitions Tax (CAT) are: €332,084 for group A (gifts/inheritances from parents to children), €33,208 for group B (gifts/inheritances from grandparents to grandchildren, from uncles/aunts to nieces/nephews, and between siblings) and €16,604 for group C (all other gifts/inheritances). I am advised by the Revenue Commissioners...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I assume the Deputy is referring to an increase in the percentage deemed distribution rate of 5% that currently applies to approved retirement funds (ARFs) to 7.5% where the value of the assets in the ARFs exceed €3 million. I am informed by the Revenue Commissioners that information provided to them in the context of the tax paid on these deemed or imputed distributions does not include...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 67 to 71, inclusive, together. I am advised by the Revenue Commissioners that the full year yields arising from the increases requested, inclusive of VAT, are as set out in the following table. 2c 5c 10c 50c Petrol and Auto-diesel / litre €72.7m - - - Beer and cider / pint - €41.9m - - Spirits / half glass - €19.5m - - Wine / 75cl bottle - - -...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that figures are not captured in such a manner as to provide a dedicated basis for compiling an estimate of the impact on the Exchequer from the change mentioned in the question. Accordingly, the specific information requested by the Deputy is not available.

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am informed by the Revenue Commissioners that, as information on the value of the gain arising from the disposal of a site to a child is not required in Capital Gains Tax returns, there is no dedicated basis for separately identifying the yield that would arise from a rate of 75% of the tax that would be charged if there were no relief on such disposals. However, on the basis of indicative...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: In the recent Jobs Initiative, I announced the abolition of the charge to employer PRSI on all share based remuneration that was introduced in Budget 2011. The employee PRSI charge and the universal social charge will continue to apply. At Budget time, it was estimated that the charge to employer PRSI would yield approximately €9.5 million in 2011 and €17.7 million in a full year. As the...

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the full year cost to the Exchequer from elimination of Stamp Duty on share transactions, by reference to the expected 2011 outturn, is estimated to be in the region of €181 million.

Written Answers — Tax Code: Tax Code (17 Nov 2011)

Michael Noonan: In Budget 2011, a charge to PRSI and the universal social charge (USC) on share based remuneration was announced. In the recent Jobs Initiative, I announced the abolition of the charge to employer PRSI. The employee PRSI charge and the USC will continue to apply. At Budget time, it was estimated that the charge to employer and employee PRSI on save-as-you-earn schemes would yield...

Written Answers — Budget Submissions: Budget Submissions (16 Nov 2011)

Michael Noonan: As the Deputy may be aware this matter is the subject of a Pre-Budget submission and as such will be considered in the context of the forthcoming Budget.

Written Answers — Tax Code: Tax Code (16 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 69 to 71, inclusive, together. As the Deputy may be aware these matters are the subject of a Pre-Budget submission and as such will be considered in the context of the forthcoming Budget.

Written Answers — Budget Submissions: Budget Submissions (16 Nov 2011)

Michael Noonan: I propose to take Questions Nos. 72 and 73 together. As the Deputy may be aware these matters are the subject of a Pre-Budget submission and as such will be considered in the context of the forthcoming Budget.