Results 24,261-24,280 of 27,019 for speaker:Michael Noonan
- Written Answers — Pension Provisions: Pension Provisions (21 Jul 2011)
Michael Noonan: I propose to take Questions Nos. 66, 77 and 78 together. I assume that the information being sought relates to the amounts of contributions to pensions and not on the associated costs to the Exchequer of tax forgone. I am advised by the Revenue Commissioners that the only relevant information they have in this area is in respect of the amounts of contributions to various pension arrangements...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: As the Deputy has noted the level at which interest repayments can be claimed against tax for residential rental properties was reduced from 100% to 75% in section 5 of the Finance Act 2009. I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers the amount of tax foregone by allowing a deduction for interest on borrowings to be offset...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that as the rental income of companies is returned as net of interest on borrowings the figures for interest are not separately distinguished in corporate tax returns. There is, therefore, no basis on which an estimate of the cost of corporation tax revenue forgone could be provided.
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the most recent years for which final information is available on the cost to the Exchequer of the home carer tax credit is for the income tax years 2007 and 2008. The relevant figures are as follows: Tax Year Estimated cost to the Exchequer â¬m 2007 69 2008 80 In addition, provisional estimates, on a preliminary basis, of the cost to...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the detailed information requested by the deputy regarding share options under the deferred payment scheme is not readily available and could not be obtained without conducting a protracted examination of the Revenue Commissioners' records.
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the gains associated with the tax payments made in 2007, 2008 and 2009, arising from the exercise of share options were â¬312 million, â¬239 million and â¬129 million respectively. Information on the total value of share options exercised is not readily available and could not be obtained without conducting a protracted examination of the...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed statistical information is available, in relation to the Rent-a-Room Scheme, is the income tax year 2008. The estimated cost of the scheme to the Exchequer for that year was â¬5.6 million. The cost of the scheme for the 2007 tax year was â¬4.7 million.
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the most recent year for which final information is available on the cost to the Exchequer of income tax relief for interest relief claimed for acquiring an interest or share in certain companies or partnerships is the income tax year 2008. The cost to the Exchequer in that year is estimated at â¬48.5 million.
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of â¬115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap 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 pension...
- Written Answers — Pension Provisions: Pension Provisions (21 Jul 2011)
Michael Noonan: While there is no particular pension saving scheme or plan specifically designated for use by proprietary directors, many such individuals save for their retirement through what are called small self-administered pension schemes (SSAS). SSAS are typically single member pension schemes with the scheme member normally also being the owner/proprietary director of a business and the trustee of...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that information on the number of claimants availing of the tax relief for qualifying sportspersons, the amount of associated income and the estimated cost to the Exchequer is set out in the following table for the income tax years 2006 to 2008 inclusive. Retirement relief for qualifying sportspersons Year Number of Claimants Total value of Income...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the value of property based tax incentives on which tax reliefs were claimed for the tax years 2006 to 2009 by individuals is based on personal income tax returns filed by non-PAYE taxpayers. The total amount claimed for this period is as set out in the table below: Value of property-based tax incentives...
- Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)
Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the value of property-based tax incentives on which tax reliefs were claimed for the tax years 2006 to 2009 by companies is based on corporation tax returns filed by companies. The total amount claimed for this period is as set out in the table below: Value of property-based tax incentives claimed by...
- Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)
Michael Noonan: I am advised by NAMA that certain loans have transferred to NAMA for consideration which represented 100% of the nominal loan balance, i.e. without a discount. The agency also advises that a small number of the loans transferred would have the features outlined by the Deputy, namely 1) where the amount outstanding was relatively small in relation to the value of the underlying property; or...
- Written Answers — Tax Collection: Tax Collection (21 Jul 2011)
Michael Noonan: I am advised by Revenue that despite the fact that it has worked with the business concerned to reach a mutually acceptable approach to dealing with a very substantial tax debt, the business concerned has failed to meet a fundamental requirement of the approach agreed by not meeting the terms of an arrangement put in place only four months ago. On that basis Revenue is not assured as to the...
- Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Jul 2011)
Michael Noonan: This is a regulatory matter. The Registrar of Credit Unions at the Central Bank of Ireland is responsible for the regulation of credit unions and is independent in the exercise of his duties. I, as Minister for Finance, have no function in decisions in this regard. I have consulted with the Registrar who advises as follows: From time to time, the Registrar of Credit Unions issues guidance...
- Written Answers — Fiscal Policy: Fiscal Policy (21 Jul 2011)
Michael Noonan: The report referred to is an econometric analysis, carried out by the Revenue Commissioners, on the market for cigarettes in Ireland. It suggests, based on this analysis, that Ireland has moved beyond the optimum point regarding the effectiveness of taxation to reduce cigarette consumption. The research suggests that higher cigarette taxes in Ireland would no longer produce a win-win...
- Written Answers — Banking Sector: Banking Sector (21 Jul 2011)
Michael Noonan: I propose to take Questions Nos. 86 and 90 together. The Deputy will be aware of my Statement on Banking of 31 March 2011 where I set out Government policy in relation to the matters the Deputy has raised. A fundamental element of Government Strategy has been to restore a functioning banking system and the Government has made particular commitments to recapitalising the banks and...
- Written Answers — Fiscal Policy: Fiscal Policy (21 Jul 2011)
Michael Noonan: The Government is committed to restoring order to the public finances and as an intermediate step, reducing the General Government deficit to less than 3% of GDP by 2015. The Programme for Government states that further reductions in the deficit will be required thereafter. However, the current budgetary projections contained in the Stability Programme Update, published in April, are only...
- Written Answers — Credit Availability: Credit Availability (21 Jul 2011)
Michael Noonan: I propose to take Questions Nos. 88 and 96 together. The Deputies will be aware that the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of â¬30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of â¬16-20bn over this period. In each bank, a team of...