Results 21,141-21,160 of 27,019 for speaker:Michael Noonan

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

Michael Noonan: The Deputy's question refers to landlords in negative equity being taxed on losses, which may encompass two separate aspects of the tax system.  If a landlord sells an investment property in negative equity at a loss then, assuming that the sales proceeds are less than the original acquisition cost of that property, no liability to capital gains tax should arise on the disposal. With...

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

Michael Noonan: My Department has continued to engage with An Post in relation to their proposal to provide a payment account.  There are a number of steps involved in the approval process which must be completed by An Post, including a statutory consultation with the Minister for Communication, Energy and Natural Resources.  I am also consulting with the...

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

Michael Noonan: The relief for microbreweries was increased in last years Budget from 20,000 to 30,000 hectolitres.  The measure was designed to support the development of the small and medium enterprises in this sector and create additional jobs. The Deputy will be aware that it is not the practice to comment on what measures may or may not be included in the Budget in advance of Budget day.

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

Michael Noonan: I am advised by the Revenue Commissioners that the Revenue Statistics webpage () contains a detailed section in relation to the Exchequer cost of many of the allowances, reliefs, exemptions and tax credits available under the Tax Expenditures section of the page: . These tables cover statistics up to 2014 in some cases and updates will be published in due course. The Deputy may wish to note...

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

Michael Noonan: I wish to inform the Deputy there are no supernumerary positions in my Department. In relation to those agencies, organisations or bodies funded by my Department, there are also no supernumerary positions.

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

Michael Noonan: I propose to take Questions Nos. 251, 256 and 279 together. The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President of Ireland on 19 December 2012. Following enactment, different parts of the 2012 Act have been commenced in tranches at different times. This approach was taken, as the Department is cognisant of the fact that credit...

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

Michael Noonan: I am advised by the Revenue Commissioners that 148,462 new vehicles, including passenger cars and commercial vehicles, were registered for Vehicle Registration Tax in the period 1 January 2015 to 30 September 2015.

Written Answers — Department of Finance: Ireland Strategic Investment Fund Management (6 Oct 2015)

Michael Noonan: The Ireland Strategic Investment Fund (ISIF) has advised that Activate Capital is prepared to lend up to 90% of the peak funding requirement of residential development projects, including site and working capital (construction) costs. The Platform will also consider lending to projects which do not benefit from "ready-to-go" planning permissions. The product offering is therefore very...

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...