Results 4,441-4,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: UK Referendum on EU Membership (20 Apr 2016)

Michael Noonan: The Government's position on developments in relation to British membership of the EU has been clearly articulated, in particular by the Taoiseach and the Minister of Foreign Affairs and Trade: we very much want the UK to remain an integral member of the Union. This is important for both our economy and the ongoing development of the excellent bilateral relations Ireland and the UK now...

Written Answers — Department of Finance: Wards of Court (20 Apr 2016)

Michael Noonan: In response to the Deputy's question I wish to advise him that the matter he raises is one, in the first instance, for the Court Service which falls within the policy remit of my colleague the Minister for Justice and Equality. I understand that the Public Accounts Committee examined and reported on issues related to Wards of Court last year, including relating to the management and...

Written Answers — Department of Finance: Insurance Industry Regulation (20 Apr 2016)

Michael Noonan: My Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with the Central Bank, Departments and Agencies and other relevant stakeholders. The objective of the Review is to recommend measures to improve the functioning and regulation of the insurance sector.  This Review will include an examination of the factors contributing to...

Written Answers — Department of Finance: Tax Code (20 Apr 2016)

Michael Noonan: The standard rate of VAT, currently 23%, applies to the sale of ice-cream, as it does to most confectionery and sugary foods. In this respect, ice-cream parlours selling ice cream to customers must charge the 23% rate on the supply of ice-cream. Where ice-cream is provided as part of a meal by a caterer, such as a restaurant, the meal, including the ice-cream element, is liable to VAT at...

Written Answers — Department of Finance: Tax Code (20 Apr 2016)

Michael Noonan: I am informed by the Revenue Commissioners that section 599 of the Taxes Consolidation Act 1997 gives relief from Capital Gains Tax for the disposal by a person, who has attained the age of 55, of a farm to his/her children. There is provision for a clawback of the relief where the assets transferred to the children are subsequently disposed of by the children within 6 years of the date...

Written Answers — Department of Finance: Tax Data (20 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that a Costs of Tax Expenditures Table is available on the Revenue Statistics webpage at .  This table displays the estimated cost, in terms of revenue forgone, as well as the numbers who availed of the main tax credits and reliefs, including the rent a room relief.  In regards to the Deputy's question, the latest information on rent a room...

Written Answers — Department of Finance: Flood Risk Insurance Cover Provision (14 Apr 2016)

Michael Noonan: The Taoiseach and some other of my colleagues in Government met the insurance industry on Tuesday 12 January 2016 to discuss the industry's role in providing flood insurance and to obtain the industry's views on flood insurance issues. I am aware of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and the current flooding crisis has raised...

Written Answers — Department of Finance: Property Tax Administration (14 Apr 2016)

Michael Noonan: The introduction of a local property tax is part of a broader approach to the taxation of property. The aim is to replace some of the revenue from transaction based taxes, which have proven to be an unstable source of Government revenue, with an annual recurring property tax, which international experience has shown to be a stable source of funding.  The Government decided that the...

Written Answers — Department of Finance: Motor Insurance (14 Apr 2016)

Michael Noonan: The cost of insurance is a complex issue involving a number of different parties, including Government Departments, State Bodies and private sector entities.  My Department has commenced a Review of Policy in the Insurance Sector. This is being undertaken in consultation with the Central Bank of Ireland and other Departments and Agencies. The objective of the Review is to...

Written Answers — Department of Finance: NAMA Portfolio (14 Apr 2016)

Michael Noonan: I am advised, by NAMA, that through its loans it has an indirect exposure to approximately 2,800 hectares of residential development land in Ireland.  This land is owned by NAMA debtors or, in the case of enforcement, is managed on behalf of debtors by duly appointed insolvency practitioners. Section 10 of the NAMA Act requires NAMA to obtain the best financial return for the State, deal...

Written Answers — Department of Finance: NAMA Portfolio (14 Apr 2016)

Michael Noonan: NAMA does not own or sell properties. NAMA has acquired loans.  The properties that secure these loans are owned by NAMA debtors and NAMA's legal relationship to those properties is similar to a bank which holds security over a person's house that has a mortgage.  NAMA, unlike other lenders, generally has no residential mortgages, owner-occupier or buy-to-let, in its portfolio...

Written Answers — Department of Finance: NAMA Social Housing Provision (14 Apr 2016)

Michael Noonan: I am advised that to date, NAMA has committed over €260 million in making properties available for social housing through local authorities and approved housing bodies.  This comprises €100m in capital expenditure to complete houses and apartments and €160m to acquire properties through NARPS, NAMA's social housing special purpose company, for onward leasing to local...

Written Answers — Department of Finance: NAMA Debtors (14 Apr 2016)

Michael Noonan: NAMA originally paid €31.8 billion to acquire a €74 billion loan book, comprising of 779 debtor connections. I am advised that, as at 31 March 2016, 442 debtor connections with a par debt of €18.5 billion had exited NAMA. This comprises debtor connections that reached a final agreement with NAMA and debtor connections whose loans were sold. 44 debtor connections have...

Written Answers — Department of Finance: NAMA Loan Book Value (14 Apr 2016)

Michael Noonan: At inception, NAMA acquired loans with balances of €74 billion and with a current market value of €26.2 billion at acquisition.  In accordance with the European Commission's valuation methodology, NAMA paid €31.8 billion for these loans, including €5.6 billion in State aid to the five participating institutions. It is important to recognise that NAMA acquired...

Written Answers — Department of Finance: Real Estate Investment Trusts (14 Apr 2016)

Michael Noonan: Finance Act of 2013 introduced the regime for the operation of Real Estate Investment Trusts (REITs) in Ireland.  A REIT is a collective investment vehicle designed to hold properties in a tax neutral manner.  I am informed by the Revenue Commissioners that there are currently three REITs established and operating in Ireland.  The function of the REIT framework is not...

Written Answers — Department of Finance: Tax Relief Costs (14 Apr 2016)

Michael Noonan: It is assumed that the reference to private landlords in the Deputy's question refers to those letting private residential property. I am informed that the Revenue Commissioners do not require rental income to be returned in a manner which would enable private residential rental accommodation income, reliefs and allowances to be separately identified from income, reliefs and allowances...

Written Answers — Department of Finance: Tax Relief Costs (14 Apr 2016)

Michael Noonan: I am informed by the Revenue Commissioners that as this scheme was only introduced in Budget 2012, it is not possible at this time to estimate how many properties will be disposed and be eligible for this scheme or the amount of the resulting chargeable capital gain, if any, that may arise on such disposals.  Accordingly, it is not possible to estimate the likely cost of the exemption.

Written Answers — Department of Finance: Local Authority Members' Remuneration (14 Apr 2016)

Michael Noonan: I am advised by the Revenue Commissioners that while statutory redundancy payments are exempt from income tax, any additional ex-gratia or termination payments, such as those made to local authority councillors on retirement, are chargeable to tax. Such payments may qualify for the partial exemption provided for in section 201 of the Taxes Consolidation Act 1997(the Act). This exemption is...

Written Answers — Department of Finance: IBRC Liquidation (14 Apr 2016)

Michael Noonan: As the Deputy is aware, the Special Liquidators of IBRC cannot discuss confidential customer information with third parties.  Notwithstanding this, I have been advised that the correspondence which you supplied was passed onto the Special Liquidators and a response has been issued.

Written Answers — Department of Finance: NAMA Social Housing Provision (14 Apr 2016)

Michael Noonan: I, and my officials, engage regularly with NAMA on issues such as social housing and residential supply more generally to benefit from NAMA's understanding and activity in the market; to better understand how NAMA's activity may have an impact on the market and to challenge NAMA to evaluate opportunities in line with objectives that may make a difference in the market. ...