Results 5,761-5,780 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (20 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that gains in respect of land acquired by way of a compulsory purchase order are chargeable to capital gains tax (CGT) at the rate of 33%. As the Deputy is aware, I announced in Budget 2016 that I am introducing a revised relief for entrepreneurs whereby a reduced rate of 20% will apply to gains on disposals of assets made on or after 1 January 2016...

Written Answers — Department of Finance: Tax Code (20 Oct 2015)

Michael Noonan: I am informed by the Revenue Commissioners that there are two important dates that are relevant for the taxation of an inheritance. These dates are used for different purposes and are mutually exclusive. Firstly, the date of death of a disponer is the date by reference to which the Group Thresholds and tax rates are determined. The Group Threshold is the value below which a gift or...

Written Answers — Department of Finance: Tax Code (20 Oct 2015)

Michael Noonan: Currently a young trained farmer is defined as being under 35 at the start of a tax year. The 2013 reform of the CAP introduced an age definition for a young farmer as a farmer under 40 years. Any moves to bring existing measures into line with this definition will need new EU state aid approval and legislative change. I have no plans to make any changes in this area at present. However,...

Written Answers — Department of Finance: Credit Unions (20 Oct 2015)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President in December 2012. It was agreed at that time that it would be neither practical nor feasible to commence the Act in its entirety in one fell swoop. Following that, an implementation timetable for the 2012 Act was devised in consultation with stakeholders, including credit union...

Written Answers — Department of Finance: Tax Code (20 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage: . In particular, in relation to the Deputy's Question, estimates for changing rate of Capital Gains Tax are included in the Ready Reckoner on the Statistics webpage: . While the Ready Reckoner does not show the specific costings requested by the...

Written Answers — Department of Finance: Tax Reliefs Availability (20 Oct 2015)

Michael Noonan: There is no provision in the tax code which allows for tax relief in respect of costs incurred in the provision of private tuition for a child. Section 469 of the Taxes Consolidated Act 1997 provides for tax relief in respect of expenses incurred in the provision of health care. The Deputy may wish to note that this section provides for certain expenses which may be incurred in respect...

Written Answers — Department of Finance: Tax Credits (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 253 and 254 together. Regarding the cost of an earned income tax credit, I am advised by the Revenue Commissioners that the €470 million estimated cost of extending the Pay As You Earn (PAYE) credit, provided in response to Parliamentary Question No. 59 of 11 March 2015 was based on extending the €1,650 credit to all non-PAYE cases including...

Written Answers — Department of Finance: Universal Social Charge Exemptions (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 255 and 258 to 260, inclusive, together. I am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of exempting an additional 42,000 income earners from the Universal Social Charge (USC), is in the region of €8 million and €11 million respectively. The estimated first and full year cost to...

Written Answers — Department of Finance: Universal Social Charge Exemptions (20 Oct 2015)

Michael Noonan: I announced in my Budget speech last week that the entry point to the Universal Social Charge (USC) is being increased to €13,000 per annum from 1 January next. It is estimated that over 700,000 income earners will not be liable for USC at all from next year. The entry point to the USC was €4,004 when I came into Government and this is my third occasion to increase the entry...

Written Answers — Department of Finance: Tax Credits (20 Oct 2015)

Michael Noonan: The Home Carer Tax Credit may be claimed by a married couple or civil partners where one spouse or civil partner (the 'Home Carer') cares for one or more 'dependent persons'. I am advised by Revenue that ordinarily a claim for the credit must be made by the individual, either by claiming it on-line using Revenue's PAYE Anytime service, or by completing a claim form or in the person's annual...

Written Answers — Department of Finance: Tax Credits (20 Oct 2015)

Michael Noonan: As the Deputy may be aware, I have announced an extension to the Home Renovation Incentive (HRI) for a further year until 31 December 2016. The incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is that which...

Written Answers — Department of Finance: NAMA Property Construction (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 262, 268 and 270 together. Firstly it must be pointed out that NAMA does not own property, and it is not a builder or a developer, nor has NAMA chosen to become one as the Deputy suggests.  NAMA's role in relation to property is, like a bank, that of a secured lender.  As set out in Section 10 of the NAMA Act, NAMA's mandate as a...

Written Answers — Department of Finance: Tax Reliefs Eligibility (20 Oct 2015)

Michael Noonan: Tax relief is not available for the purchase of a mobile home for the purposes of letting a primary residence as tourist accommodation. In addition, any profits arising from the rent received, after deduction of allowable expenses, is chargeable to Income Tax and Universal Social Charge (USC) at the individual's respective marginal rates, and to PRSI where applicable.

Written Answers — Department of Finance: Tax Reliefs Application (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 264 and 265 together. These questions relate to persons providing accommodation through online accommodation booking sites. Profits arising from the provision of short-term guest accommodation are taxed in the same manner, irrespective of whether such accommodation is provided through an on-line booking site, whether hosted in Ireland or abroad,...

Written Answers — Department of Finance: Strategic Banking Corporation of Ireland (20 Oct 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) was incorporated in September 2014 and its goal is to ensure access to flexible and lower cost funding for Irish SMEs.  The SBCI launched its first product programme on the 19th February 2015, and lending to SMEs commenced on the 9th March 2015 through both Bank of Ireland and Allied Irish Bank Plc.  An initial sum of €400m...

Written Answers — Department of Finance: Ireland Strategic Investment Fund Capital (20 Oct 2015)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) is a partner in the Activate Capital joint venture with KKR.  The ISIF is contributing €325 million towards this joint venture, making it the biggest single investment yet undertaken by the ISIF, with KKR providing the remaining €175 million.  ISIF inform me that  Activate Capital only opened for business on 1...

Written Answers — Department of Finance: NAMA Property Construction (20 Oct 2015)

Michael Noonan: NAMA's role in relation to property development is, like a bank, that of a secured lender. In that capacity, NAMA provides funding for a wide range of asset management and related asset development activities, including enabling debtors and receivers to lodge planning applications. To date, NAMA funding has resulted in planning permissions for approximately 1m sq. ft. of new commercial...

Written Answers — Department of Finance: NAMA Operations (20 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 271 and 272 together. NAMA is obliged to seek to protect the position of Irish taxpayers to the greatest extent legally possible in all dealings with debtors, including in the context of other creditors.  In doing so, NAMA is aware that other creditors, including international banks, will seek to do likewise and it is entirely appropriate that NAMA...

Written Answers — Department of Finance: Tax Credits (20 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that a wide range of statistical information is available on the Commissioners' Statistics webpage at  There is a section of the Statistics webpage dedicated to Tax Expenditures at , where the table titled "Costs of Tax Expenditures (Credits, Allowances and Reliefs)" includes information in relation to the numbers availing and costs of the Blind...

Written Answers — Department of Finance: NAMA Property Sales (20 Oct 2015)

Michael Noonan: Where NAMA receives a recommendation from a debtor or receiver in respect of the sale of a property, it requires evidence that the recommended bid is the highest executable qualifying bid available in the market. The Deputy will appreciate that, as for any seller, mitigation of execution risk, particularly in the context of conditionality attaching to bids or inability to prove funding, is an...