Results 17,481-17,500 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I will come back on Report Stage on the definition.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: First of all, Deputies know that this is motivated, in the first instance, by the prospect of revitalising Shannon Airport through having repair, maintenance and refurbishment of aircraft services at that airport. This is not just speculative because the second biggest aircraft company in Russia has a base in Shannon and is doing exactly that. The company has acquired an Aer Lingus hangar...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: It is also the cap limiting the value of tax breaks.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: First, there are two schemes being proposed. The retail scheme is the second of these and it applies to areas the local authorities in Waterford and Limerick will designate. It is not tied to Georgian buildings or exclusively based on Georgian buildings. It is a scheme that can apply to high streets or back streets or whatever area is designated as part of the regeneration policy for...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: If the Deputy can come up with a scheme for the island communities, the Department to deal with that would be that with responsibility for the Gaeltacht and the islands. The Deputy should have a chat with the senior civil servants there.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I would think that island life is so different from centre city life that a bespoke scheme for island communities would be better. I was certainly not thinking of islands when I put this scheme together. I share Deputy McGrath's view that we must consider the problems. The solution will not be a one size fits all solution. Different solutions will suit different problems. We should be...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: We have asked the city councils to draw up a register of the properties to which this might apply and to give us an indication of the areas they will designate. They will make their designation in consultation with the Department of the Environment, Community and Local Government. With regard to how the scheme will work, we will begin with a cost-benefit analysis which we will publish and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 40: In page 67, subsection (1)(h), line 31, to delete “subsection” and substitute “section”.This section introduces a scheme of accelerated capital allowances for the construction and refurbishment of certain specialist buildings and structures for the use in the maintenance, repair or overhaul of commercial aircraft. The tax relief which...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The requirement is to refurbish. It must be noted that all the Georgian houses we are talking about in this pilot project are all listed buildings. This will be a hard project to get off the ground because of the restrictions that are always placed on listed buildings. That means that, in the first instance, planning permission will have to be obtained from the local authority before major...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I put it to the Deputy that market forces alone will not change the current position. I invite him to come to Limerick and walk through Newtown Pery, which is the city's recognised Georgian area. If he does, he will immediately grasp this concept. Individual Georgian buildings in the city do not take the form of four storeys over a basement. Some of them are two-storey buildings. The new...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: This section introduces a scheme of tax incentives focusing on the regeneration of the historic centres of some of our main cities. The scheme which will be introduced by ministerial order is entitled the living city initiative and will apply in the first instance on a pilot basis to specified regeneration areas in Waterford and Limerick. My Department has prepared an information note on...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I do not disagree with the Deputy. While the IDA encourages foreign direct investment to come to Ireland, when it is successful the company it has attracted selects the location. The IDA does not select it. The companies are selecting Dublin, Cork and Galway for a variety of reasons and the selection tends to be urban rather than rural. Previously, there was a variation on incentives,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 39: In page 51, line 27, to delete “[FT — C] — T” and substitute “(FT — C) —TV”.The amendment corrects a drafting error in the Bill as published. A new paragraph, 5A, is being inserted into Schedule 24 that calculates the balance of any foreign tax that can be offset against an individual's liability to the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I thank the Deputy. I accept the principle behind his amendment, that policy and policy changes should be based on evidence. The scheme is only in place since 25 November 2011, the very last days of that month. That means that it is only in place for just over 15 months. Before that we had the business expansion scheme which was supplanted by this new scheme. Before the new scheme was...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: The proposed amendment is to section 21, which amends Part 16 of the Taxes Consolidation Act 1997. Part 16 deals with the employment and investment incentive and seed capital scheme. First, the operating or management of hotels, guesthouses, self-catering accommodation or comparable establishments or facilities may now qualify under the scheme. That is the purpose of the section, namely,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: It is a measure introduced on the advice of the Revenue Commissioners to close a potential tax avoidance scheme. It does not have the wider implication that has already been brought to my attention. Section 17 deals only with trades dealing in or developing land; therefore, it has no implications for other trades or debt relief on mortgages. The purpose of the losses provisions in the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I repeat what I said to Deputy Michael McGrath. The technical note states, "It is not possible to live in a property as one's principal private residence and simultaneously hold it as trading stock of one's business. It is one or the other". That clarifies the point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I think the position is that if in the opinion of the Revenue Commissioners the transactions were motivated by tax avoidance concerns, they will be treated as benefit-in-kind.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: Individuals only.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: It is 31%.