Results 4,021-4,040 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Exemptions (2 Jun 2016)

Michael Noonan: The dwelling house exemption is a provision of the capital acquisitions tax (CAT) legislation. It allows for the tax-free transfer by way of gift or inheritance of the residential property in which a beneficiary lives, subject to certain conditions. These conditions include a requirement that the beneficiary has been living in the property for three years prior to receiving it and that they...

Written Answers — Department of Finance: Tax Yield (2 Jun 2016)

Michael Noonan: I am informed by Revenue that the yield for all relevant years from the Stamp Duty levy on pension schemes is as set in the following table.  Year Yield €m 2011 463 2012 483 2013 535 2014 743 2015 169 Total 2,393 For each year of the levy, Revenue has an on-going compliance programme to ensure the "chargeable persons" have included all scheme assets in the statements...

Written Answers — Department of Finance: Prize Bonds (2 Jun 2016)

Michael Noonan: The NTMA has advised me that the value of prizes in respect of prize bonds, and these prizes as a percentage of total prize bonds outstanding, in each of the last five years, and to-date during 2016, are as follows:  Year Fund at Year-End €m Prizes Paid €m % of Year-End Fund 2016 (end-May) 2,689.18 12.80 0.48 2015 2,481.0 28.9 1.16 2014 2,176.4 31.7 1.46 2013...

Written Answers — Department of Finance: Property Tax Data (2 Jun 2016)

Michael Noonan: I am advised by Revenue that compliance in respect of 2016 Local Property Tax (LPT) currently stands at 90% and that this will increase further as payments made on foot of approximately 290,000 compliance letters issued by mid May 2016 are processed.  I am also advised by Revenue that debt collection/enforcement action, including deductions from salaries and pensions, is underway against...

Written Answers — Department of Finance: Departmental Staff (2 Jun 2016)

Michael Noonan: Since 2011 the Department has implemented organisational changes with the aim of developing a modern, professional and forward-looking Department. We have adapted, realigned and enhanced our resources in order to achieve the goals we set ourselves.  This has involved the building and expanding of the economic expertise and capability across the Department. A total of...

Written Answers — Department of Finance: Departmental Expenditure (2 Jun 2016)

Michael Noonan: The Department of Finance has to-date paid €385,502 to William Fry Solicitors in relation to work carried out on the capital reorganisation of the bank in 2015 and preparation for a potential IPO of AIB. These fees relate to a period from their appointment in April 2015 (following a competitive tender process) up to the present date. They relate to both IPO preparatory work and...

Written Answers — Department of Finance: Banking Sector (2 Jun 2016)

Michael Noonan: As the Deputy is aware, the Programme for Government makes it clear that it is not ethically acceptable for Irish banks to charge excessive interest rates on standard variable rate customers. The Government has committed to take all necessary action to tackle high variable interest rates; including through establishing a new code of conduct for switching mortgage provider, administered by...

Written Answers — Department of Finance: Tax Compliance (2 Jun 2016)

Michael Noonan: I am advised by Revenue that their programme of compliance interventions in relation to the tax affairs of medical consultants is ongoing with further additional interventions being opened as necessary.  At end March 2016, a total of 752 Revenue compliance interventions had been opened on medical consultants and their controlled companies, with some 370 of these interventions having been...

Written Answers — Department of Finance: Living City Initiative (2 Jun 2016)

Michael Noonan: Applications for the Living City Initiative (LCI) are only required to be made to the relevant local authority under the residential element of the scheme. Applications to local authorities are not required to be made under the commercial element of the scheme and thus it is likely to be early next year before information on this aspect of the scheme will become available.  Based...

Written Answers — Department of Finance: Tax Data (2 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 158 and 159 together. I am advised by Revenue that interest and penalties charged and collected as part of their compliance intervention programmes is as set out in the following tables. Table 1 - Interest Interest 2012 2013 2014 2015 PAYE €6.13m €12.74m €15.28m €19.29m PRSI €1.10m €2.13m €2.24m...

Written Answers — Department of Finance: Personal Insolvency Practitioners (2 Jun 2016)

Michael Noonan: Services provided by Personal Insolvency Practitioners do not qualify for exemption in accordance with the VAT Directive, Irish VAT law, and relevant decisions of the Court of Justice of the European Union. The Court of Justice of the European Union has consistently held that the terms used to specify exemptions are to be interpreted strictly since they constitute exceptions to the general...

Written Answers — Department of Finance: Government Deficit (2 Jun 2016)

Michael Noonan: The Special Liquidators of IBRC announced last Friday (via a third progress update report which is available on the Department of Finance website) that they hope to be in a position to make an interim distribution by 31 December 2016 of 25% of all admitted claims made by unsecured creditors. While neither the Department of Finance nor the Special Liquidators announced the sum that the...

Written Answers — Department of Finance: Credit Availability (1 Jun 2016)

Michael Noonan: The Deputy will be aware that I, as Minister for Finance, have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. This includes...

Written Answers — Department of Finance: Property Tax Exemptions (1 Jun 2016)

Michael Noonan: I am advised by Revenue that the property in question was remediated from pyrite in April 2009 and on that basis is not entitled to the exemption, which was incorrectly claimed by the person concerned. Regulations made in 2013 by the Minister for the Environment, Community and Local Government (DECLG Regulations) describe the procedures that must be followed in assessing and testing a...

Written Answers — Department of Finance: Universal Social Charge Yield (1 Jun 2016)

Michael Noonan: The following table sets out the broad projected revenues that would be generated by the Universal Social Charge (USC) for each of the next five years assuming that no provision is made for the indexation of USC thresholds and bands.  It should be noted that for 2017, Exchequer USC receipts are impacted by the carryover effect of Budget 2016 changes and timing effects.  Forecast...

Written Answers — Department of Finance: Motor Insurance Coverage (1 Jun 2016)

Michael Noonan: The provision of motor insurance cover is a commercial matter for insurance companies, which is based on a proper assessment of the risks they are accepting and the making of adequate provisioning to meet these risks. In my role as the Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. The current legal and regulatory...

Written Answers — Department of Finance: Vehicle Registration (1 Jun 2016)

Michael Noonan: I am advised by Revenue that, assuming a modest year-on-year growth in the value and number of vehicles taken out of the State under the Export Repayment Scheme, the full year cost of abolishing the fee would be in the region of €160,000.  The fee assists with the costs of administering the Scheme.

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: I propose to take Questions Nos. 87 and 88 together. I assume the Deputy's questions refer to the measure to limit the use of certain tax reliefs and exemptions (known as 'specified reliefs') by high-income individuals introduced in the 2006 and 2007 Finance Acts (the restriction was subsequently modified in later Finance Acts). As the Deputy may be aware, Revenue publishes an annual...

Written Answers — Department of Finance: Tax Code (1 Jun 2016)

Michael Noonan: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. The threshold was initially set at €5 million, which was subsequently reduced to €2.3 million in 2010 and further reduced in Budget 2014 and Finance (No...

Written Answers — Department of Finance: Revenue Commissioners Resources (1 Jun 2016)

Michael Noonan: I am advised by the Office of the Revenue Commissioners that Revenue's Comprehensive Review of Expenditure 2014 estimated that by increasing audit staffing resources by c. 100 staff an additional exchequer yield of €50 million per annum could be achieved. It estimated that by increasing staff on compliance projects such as oils, tobacco and alcohol by 100 could raise €20...