Results 5,861-5,880 of 35,567 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: In regard to the issue of home reversions, has there been evidence of this taking place on a larger scale? Were the Revenue Commissioners applying the 10% rate up until this proposed change to the Finance Bill to home reversion?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Section 59 concerns the repayment of stamp duty. I have a specific question in this regard. Yesterday we spoke of institutional investors and their practice of forward-purchasing apartment blocks in particular. We know the 10% stamp duty does not apply to apartment blocks. However it is our understanding that a number of institutional investors have now started forward-funding the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Just to clarify this, in a forward-funding arrangement by an institutional investor with a developer who is going to build say, 40 houses and an institutional investor goes into a forward-funding arrangement with him - as opposed to a forward-purchase arrangement as under forward-purchasing they would have to pay the stamp duty - but under a forward-funding arrangement, would the stamp duty apply?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Is it because there would still be a transfer? Is that what is suggested? Did they ask for it to be transferred?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: That would be much appreciated.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I have a couple of questions. What is the reason for a specific exemption to the transfer of American depository receipts for the transfers going through that?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Are they the only shares that will be exempt from it? Will all the others be captured through this amendment? Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: In regard to the concerns raised that electronic transfers of Irish shares that are not currently treated as stampable by the Revenue Commissioners, that is, those held in other settlements outside of the Euroclear system or Euroclear Bank Belgium and the CREST system, will they not be subject to stamp duty even after these changes?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I thank the Minister.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I have been critical in regard to the decision in terms of the reduction in the banking levy. We know how the banking levy was introduced and how it is calculated in terms of reference points in regard to the amount of DIRT that is paid. However it was calculated in such a way that it would accrue €150 million. Two banks are now withdrawing from the Irish market. That is an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I welcome that. I assume, although one can never assume anything, the Minister is looking at the fact that he has reduced the levy from €150 million to, as far as I understand it, €87 million and that this may be a signal that we could be looking at a larger take from the levy given that the profits and assets, and, indeed, liabilities and deposits, have remained within the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I move amendment No. 64: In page 114, between lines 29 and 30, to insert the following: "Report on the application of stamp duty on the buy-back of shares 64.The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on the application of stamp duty on the purchase by companies of their own shares where that purchase is not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: It is good to hear that the Department or Revenue officials, I am not sure which, will look at this in greater detail and make recommendations to a future Finance Minister. Given there is no reporting requirement, other than to the Central Bank, which is of no benefit to us while we are trying to grapple with this, it would have been opportune to have a reporting requirement in this year's...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I think this seems straightforward enough but I seek clarification. This allows for a person to elect which parent they choose to benefit from capital acquisitions tax, CAT, whether it be their birth parents or their social parents but it does not allow for a change in that election at any time or to benefit from both. That is my understanding. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Does the individual benefit from both? He or she has the succession right as his or her birth parent. That exists in law already. Therefore he or she is granted that right in order that he or she can select to also benefit his or her social parents.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Is it the case then that such individuals can benefit from the exemptions of whatever it is, €335,000 tax-free, from both sets of parents or must they select?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: It is combined.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I understand.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: So if a birth parent provided €100,000 to the individual, the amount that would be tax free for the social parent would be €235,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I thank the Minister for that clarification. How would that then play out to the children of those individuals because we would now be into a different category? Does the same apply to the children? That would be the gift from a birth grandparent and a gift from what would be a social grandparent, if you want to call them that.