Results 14,281-14,300 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: NAMA Loan Book (5 Nov 2013)

Michael Noonan: It is important to clarify that a “discount of 4.5%” is not being applied to the IBRC loan books. The Special Liquidators have been tasked with obtaining an independent valuation of the loan assets of IBRC. The Special liquidators have appointed independent professional advisors who have employed standard valuation methodologies appropriate to each class of asset of IBRC to...

Written Answers — Department of Finance: Property Taxation Assessments (5 Nov 2013)

Michael Noonan: As I told the House previously in my replies to Questions No. 65 (35714/13) on 17 July 2013, No. 77 (44072/13) on 17 October 2013 and No. 131 (44138/13) on 22 October 2013, Local Property Tax (LPT) is a self-assessed tax so it is a matter for the property owner to calculate the tax due based on his or her assessment of the market value of the property as at 1 May 2013. I also informed the...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 233 to 236, inclusive, together. As occurred on the occasion of the introduction of the SFT regime in 2005, and again when the value of the SFT limit was reduced to €2.3m in 2010, the legislation contained in the Finance Bill provides for an individual who has pension rights on 1 January 2014 in excess of the new lower SFT limit of €2m, to...

Written Answers — Department of Finance: Banking Sector Issues (5 Nov 2013)

Michael Noonan: The Special Liquidators have confirmed that Irish Bank Resolution Corporation Limited (the “Bank”) identified in June 2010 that it had a customer overcharging issue (i.e. there had been a difference between the interest rate charged to customers and the interest rate documented in the corresponding loan facility agreements) on customer loan accounts in the Republic of Ireland,...

Written Answers — Department of Finance: Departmental Expenditure (5 Nov 2013)

Michael Noonan: The Department of Finance is not in a position to achieve any further savings in 2014. I refer the Deputy to my previous answer to Parliamentary Question number 44746/13, as outlined below. The Department of Finance’s budget and staffing allocation reflects ongoing ambitious objectives and goals, across a broad spectrum of economic, fiscal, financial and international policies, set...

Written Answers — Department of Finance: Property Taxation Application (5 Nov 2013)

Michael Noonan: I am advised by Revenue that the Local Property Tax (LPT) record of the person in question has been adjusted and the liable person has been altered as indicated by the Deputy. The delay in completing the alteration from the original listed owner to the ‘other owner’ occurred because the PPS numbers of both persons needed to be matched and aligned on the Revenue record. Up to...

Written Answers — Department of Finance: Universal Social Charge Yield (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 241 and 242 together. The position is that there is no general exemption from Universal Social Charge (USC) for individuals in possession of a full medical card. However, the maximum rate of USC charged for individuals who hold full medical cards and whose income does not exceed €60,000 is 4%. This applies in place of the normal 7% rate of USC that...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 243 and 244 together. I am advised by the Revenue Commissioners that based on the most up to date data it is estimated that up to 15,400 individuals may be affected by the restriction of the restructured credit to the principal carer. In addition, it is tentatively estimated that about 5,550 of the estimated 15,400 individuals affected will now become...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that based on 2012 data, the most up to date data available, it is estimated that up to 577,000 policy holders, which provide cover for 1.1 million individuals, may be affected by this measure. The Revenue estimate is based on an analysis carried out on the annual returns and the gross premium prices (i.e. before tax relief at source is applied)...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: The administration of Stamp Duty is a matter for the Revenue Commissioners. The Ministers and Secretaries (Amendment) Act 2011 put the independence of the Revenue Commissioners in the performance of their functions on a fully statutory basis. I am advised by Revenue that there has been ongoing correspondence with the solicitor representing the persons concerned relating to an outstanding...

Written Answers — Department of Finance: Illegal Tobacco Sales (5 Nov 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they do not accept that the illicit tobacco market comprises 20% of the total market, as suggested by the Deputy. Revenue is satisfied, based on a 2012 survey of smokers carried out by IPSOS MRBI on behalf of Revenue and the National Tobacco Control Office of the HSE, that 13% of all cigarettes consumed are illicit, and that a further 6% are...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: I propose to take Questions Nos. 248 to 250, inclusive, together. It is difficult to be definitive about the number of individuals that may be affected by the changes to the Standard Fund Threshold (SFT) regime. Among other reasons, this is because the changes are likely to have both direct impacts and indirect behavioural impacts. The direct impacts will be on individuals whose pension...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: The analysis to which I referred in my response to the Deputy’s previous question of 24 October last represents internal work carried out by my Department on savings/yield estimates prepared by private sector sources arising from proposals for suggested changes to the Standard Fund Threshold regime. While I will give consideration to the Deputy’s request for publication of that...

Written Answers — Department of Finance: Tax Code (5 Nov 2013)

Michael Noonan: The position is that all tax expenditures and reliefs are kept under consideration and are reviewed in the run up to the annual Budget. However, I have no immediate plans to amend the incapacitated child tax credit.

Written Answers — Department of Finance: Tax Reliefs Application (24 Oct 2013)

Michael Noonan: The position is that from 16 October 2013, tax relief for medical insurance premiums will be restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings will no longer qualify for tax relief. The new ceilings will ensure continuing support via the tax system for those who purchase standard policies,...

Written Answers — Department of Finance: Insurance Costs (24 Oct 2013)

Michael Noonan: At the outset, I would point out that the calculation of annual premium rates is a commercial decision for the insurance company in question. Neither I, as Minister for Finance, nor the Central Bank of Ireland, can require a company to change its rates or prohibit a company from doing so. The primary purpose of the 2012 amendment to the Equal Status Acts is to provide in Irish law for the...

Written Answers — Department of Finance: Tax Reliefs Application (24 Oct 2013)

Michael Noonan: The position is as I stated in Budget day speech, that from 16 October 2013, tax relief for medical insurance premiums will be restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings will no longer qualify for tax relief. The new ceilings will ensure some continuing support via the tax system for...

Written Answers — Department of Finance: Health Insurance Prices (24 Oct 2013)

Michael Noonan: The position is that from 16 October 2013, tax relief for gross medical insurance premiums will be restricted to the first €1,000 per adult and the first €500 per child insured. Some insurers currently quote prices that are net of tax relief at source, i.e. the tax relief available is deducted from the gross premium to leave a net payable amount. Ultimately, pricing of...

Written Answers — Department of Finance: Health Insurance Prices (24 Oct 2013)

Michael Noonan: The position is that from 16 October 2013, tax relief for medical insurance premiums will be restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings will no longer qualify for tax relief. The new ceilings will ensure some continuing support via the tax system for those who purchase medical insurance...

Written Answers — Department of Finance: Tax Credits (24 Oct 2013)

Michael Noonan: Neither the Revenue Commissioners nor my Department would ever provide advice to facilitate tax planning. I assume the Deputy is referring to the changes announced in Budget 2014 to the One-Parent Family Tax Credit. The position is that the One-Parent Family Tax Credit is being replaced with a new Single Person Child Carer Tax Credit from 1 January 2014. The Single Person Child Carer Tax...