Results 5,861-5,880 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: Where a couple is cohabiting, rather than married or in a civil partnership, each partner is treated for the purposes of income tax as a separate and unconnected individual.  Because they are treated separately for tax purposes, credits, tax bands and reliefs cannot be transferred from one partner to the other.  Cohabitants do not have the same legal rights and obligations as a...

Written Answers — Department of Finance: Mortgage Data (6 Oct 2015)

Michael Noonan: The Central Bank of Ireland, having regard to its mandate to safeguard financial stability, has put in place new macro-prudential measures for residential mortgage lending effective from 9 February 2015.  These measures apply proportionate loan-to-value and loan-to-income limits to mortgage lending by regulated financial service providers in the Irish market.  For...

Written Answers — Department of Finance: VAT Rate Application (6 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that VAT law in Ireland must comply with the EU VAT Directive and that the majority of food products are already liable at the zero rate of VAT.  However, food products can only benefit from the zero rating in accordance with Article 110 of the VAT Directive which permits the retention of the zero rate for "clearly defined social reasons" where...

Written Answers — Department of Finance: Banking Sector (6 Oct 2015)

Michael Noonan: Permanent TSB has advised that its Loan to Value ratio takes into account the total amount of the outstanding loan and compares it with the value of the associated property at a point in time.  As the amount of any debt that is warehoused remains payable by the customer it is reflected in the Loan to Value calculation. Permanent TSB has confirmed that it does not charge its...

Written Answers — Department of Finance: Mortgage Data (6 Oct 2015)

Michael Noonan: I note that you have previously raised this subject in a Topical Issues Debate on 8th July. At that time I undertook to bring your concerns regarding this issue to the Central Bank and accordingly my Department wrote to the Central Bank on 13th July. In that letter, the Central Bank was asked to revert to you directly in response and also to provide my office with the details of the...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly, but not exclusively, for the student sector. It is available in all...

Written Answers — Department of Finance: Universal Social Charge Application (6 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned has been charged Universal Social Charge (USC) at the correct rate for 2014. Having regard to the age of the person concerned, USC is chargeable on her income for 2014 at the rate of 2% on the first €10,036 of income and 4% on the balance. As the Deputy will be aware, individuals aged over 70 whose income does...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: I am advised by the Revenue Commissioners that farmers may avail of a number of tax reliefs. The table below shows the main reliefs used by farmers, and their cost to the Exchequer, for which data are available to Revenue. Tax Relief Numbers Availing Tax Cost €m Year Income Tax General Stock Relief 8,950 5.2 2013 Income Tax Stock Relief for Young Trained Farmers 310 1.1 2013...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 263 to 265, inclusive, together. Rent-a-room relief is provided for in section 216A of the Taxes Consolidation Act 1997. Under section 216A, sums arising to an individual in respect of the letting of a room or rooms as residential accommodation in his or her home and from meals or other services supplied in connection with the letting are exempt from...

Written Answers — Department of Finance: Central Bank of Ireland Transactions (6 Oct 2015)

Michael Noonan: A breakdown of the amount in punts that the Central Bank of Ireland converted to euro since 2002, per year, in total, and by denomination, is given in the following table. The number of transactions per year since 2002 is not available as in the past the transactions were amalgamated into bulk figures on a daily basis for accounting purposes. However, the average number of lodgements for...

Written Answers — Department of Finance: Motor Tax Collection (6 Oct 2015)

Michael Noonan: As the Deputy is aware, section 135D(4)(b) of the Finance Act 1992 currently provides that an administration charge of €500 is deducted from the amount of Vehicle Registration Tax (VRT) refunded upon the export of a passenger motor car under the VRT Export Repayment Scheme. I introduced the Vehicle Registration Tax Export Repayment Scheme in the Finance Act 2012 to provide for...

Written Answers — Department of Finance: Pensions Reform (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 268, 269 and 286 together. The 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...

Written Answers — Department of Finance: Banking Sector (6 Oct 2015)

Michael Noonan: As the deputy may be aware, the three Irish banks in which the state is a shareholder do not seek to hold on to property assets for any substantial period of time. In cases where a bank becomes the mortgagee in possession of a residential asset the banks seek to bring the residential asset to the market as quickly as possible. With regard to AIB, the bank has informed me that as of the end...

Written Answers — Department of Finance: Financial Services Sector (6 Oct 2015)

Michael Noonan: The Central Bank has informed me that, in line with their risk-based approach to supervision, their engagement with lenders has been intrusive in relation to lenders' treatment of tracker mortgage borrowers. The Central Bank has identified and pursued a number of lender-specific issues in relation to transparency for consumers, who opted to switch from their tracker rates or who had the...

Written Answers — Department of Finance: International Agreements (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 272 and 273 together. The EU implements restrictive measures autonomously at an EU level or as a result of resolutions of the Security Council of the United Nations through the publication of EU Regulations. The objective in adopting sanctions is to bring about a change in policy and/or behaviour by the target of the restrictive measures.  The EU and...

Written Answers — Department of Finance: Insurance Industry (6 Oct 2015)

Michael Noonan: Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. In August of this year, the Central Bank of Ireland met with industry representative bodies, including the Professional Insurance Brokers Association (PIBA), to advise them of proposed levies, rates and bands for 2015.  This is...

Written Answers — Department of Finance: Insurance Industry (6 Oct 2015)

Michael Noonan: Every year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. The Central Bank had briefed industry representatives, including those from the intermediary sector, that it was proposing increases of up to 40% in the levies payable by firms in the intermediary sector. The Central Bank's...

Written Answers — Department of Finance: Liquor Licence Data (6 Oct 2015)

Michael Noonan: I propose to take Questions Nos. 276 to 278, inclusive, together. I am advised by the Revenue Commissioners as regards 2014 in respect of the relevant turnover bands for public house licences, the duty payable in respect of each band, the number of licences issued in each turnover band and the amount of duty paid in each of the turnover bands is as set out in the following table. Turnover...

Written Answers — Department of Finance: Banking Sector (6 Oct 2015)

Michael Noonan: The Strategic Banking Corporation of Ireland (SBCI) launched its first product programme on the 19th February 2015 and lending commenced on the 9th March 2015 through two On-Lending Partners, Bank of Ireland and Allied Irish Bank Plc. An initial sum of €400m has been allocated between Bank of Ireland and AIB for lending to SMEs. The SBCI provides the same low cost pricing of funds to...

Written Answers — Department of Finance: Tax Code (6 Oct 2015)

Michael Noonan: The Foreign Earnings Deduction, as provided for in section 823A of the Taxes Consolidation Act 1997, applies to income from an office or employment, part of the duties of which are performed in a relevant state, as defined in that section. It is not a requirement that an employer be a company in order for the relief to apply. However, sole traders or self employed contractors may not avail...