Results 20,321-20,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: There are no specific exemptions relating to horses and/or horse breeding. Horse breeding is considered to be a trading activity for tax purposes and accordingly, profits from horse breeding are assessable to tax under Case I of Schedule D.  Stallion stud fees were previously exempt from tax although all other profits from horse-breeding, such as the sale of yearlings, were always...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: The Standard Fund Threshold (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 reduced in Budget 2014 and Finance (No...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am assuming that the Deputy's Question is in relation to stamp duty on residential property, which is currently 1% on the first €1 million and 2% on the excess.  I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from extending the 2% rate to residential property in excess of €500,000 would be €21 million.

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the Value Added Tax (Refund of Tax) (No. 16) Order, 1983 provides for the repayment of VAT borne or paid by an unregistered fisherman on marked gas oil, marked kerosene and fuel oil used for combustion in the engine of a registered sea-fishing vessel as defined in the Order in the course of a sea-fishing business.  In addition, there is...

Written Answers — Department of Finance: NAMA Legal Fees (30 Jun 2015)

Michael Noonan: I am advised by NAMA that it has incurred total legal costs of €132,000 since the case commenced.  As the Office of the Commissioner for Environmental Information is not a body under the aegis of the Department of Finance, details of their legal costs are not available to me.

Written Answers — Department of Finance: Pensions Levy (30 Jun 2015)

Michael Noonan: The original 0.6% stamp duty levy on pension fund assets ended last year. The additional levy of 0.15% which I introduced for 2014 and 2015, mainly to help continue to fund Jobs Initiative, will also end after this year. The position is that the equivalent value of all of the money raised from the stamp duty levy has been used to fund the wide range of measures introduced in the Jobs...

Written Answers — Department of Finance: Social Insurance (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that there is no record of a request from the person concerned for confirmation of information on the lines set out. A direct request for such confirmation was received by Revenue from the Department of Social Protection on 19 June last. Revenue has advised that it confirmed that the required minimum payments for PRSI have been made and that the...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that Capital Gains Tax (CGT) is charged in respect of a gain arising on a disposal of land compulsorily acquired for new road construction. The gain is treated as arising in the year in which the compensation is paid. The first €1,270 of such a gain is exempt from CGT where a disposal is made by an individual and that individual did not have...

Written Answers — Department of Finance: Tax Rebates (30 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that based on the information available to them for the person concerned, no refund of tax is due for the years up to and including 2014.  Revenue has written to the person concerned as regards 2015 requesting certain information so that it can be determined if a refund is due for this year.

Written Answers — Department of Finance: Banking Sector Staff (30 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: My officials examine regularly all tax reliefs and incentives as part of the annual Budget and Finance Bill planning process, and consider possible changes. Any decisions taken by the Government in this regard are usually announced on Budget Day. I have no plans to introduce an incentive along the lines suggested by the Deputy. As you will appreciate, I receive numerous...

Written Answers — Department of Finance: Central Bank of Ireland Enforcement Actions (30 Jun 2015)

Michael Noonan: While the Companies Registration Office (CRO) records appointments of receivers, liquidators and examiners, I have been informed by the Department of Jobs, Enterprise and Innovation that the CRO does not hold data in a format which would allow the extraction of the information sought. In relation to appointments to regulated financial service providers, I have been given...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: There are a number of tax implications with regard to renting a mortgaged property. These apply for all landlords, regardless of whether the landlord is renting elsewhere. Mortgage Interest Tax Relief Section 244 of the Taxes Consolidated Act 1997 provides for tax relief in respect of interest paid on qualifying loans taken out to purchase, repair or improve a property that is used as a sole...

Written Answers — Department of Finance: Living City Initiative (30 Jun 2015)

Michael Noonan: The Living City Initiative, which was enacted in the Finance Act 2013 and commenced on 5 May 2015, has been extended beyond the original pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny as well. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four cities was...

Written Answers — Department of Finance: Financial Services Regulation (30 Jun 2015)

Michael Noonan: The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to how they carry out their business. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential...

Written Answers — Department of Finance: Property Tax Exemptions (30 Jun 2015)

Michael Noonan: The legislation governing the administration of Local Property Tax (LPT) provides for a limited number of exemptions from LPT. There is no specific exemption for properties affected by Mica and there are no plans to introduce such an exemption. LPT operates on a self-assessment basis and it is a matter for the property owner in the first instance, to calculate the tax due based on his or...

Written Answers — Department of Finance: Tax Exemptions (30 Jun 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 for the student sector. The scheme provides an exemption from Income Tax,...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned applied for tax relief under the Drivers & Passengers with Disabilities Scheme on 2 April 2015.  To avail of the scheme, the person with the disability must be in possession of a Primary Medical Certificate. On 8 April 2015 Revenue requested a Primary Medical Certificate from the person concerned. To date, the...

Written Answers — Department of Finance: Financial Services Regulation (30 Jun 2015)

Michael Noonan: The credit union sector plays an important role in providing financial services nationally, but in doing so must retain the responsibility of ensuring members' funds are not put at undue risk. As I noted in Parliamentary Question No. 167 of 14 January 2015, my Department received a proposal in August 2014 outlining a plan to establish and operate joint...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost of providing a PAYE credit to self employed persons as set out by the Deputy is as follows: Income Range First Year Cost €m Full Year Cost €m < €70,000 90 198 €70,000 - €90,000 11 20 Total Cost 101 218 These figures are estimates for 2015, from the Revenue...