Results 23,421-23,440 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Banking Sector Regulation (5 Jul 2016)

Michael Noonan: In general, I would advise customers to discuss their requirements with their bank because the Central Bank have informed me that some banks may apply limits to cash withdrawals in branches for security purposes.  In this regard, it is up to each bank to decide how best to handle a cash management system including all associated security arrangements surrounding it and there are no...

Written Answers — Department of Finance: Economic Statements (5 Jul 2016)

Michael Noonan: The Summer Economic Statement (SES) included a macroeconomic assessment of the impact of a UK decision to leave the European Union. This decision will have an adverse impact on the growth outlook. In this context, the more traditional exporting sectors are particularly exposed, especially to bilateral euro sterling exchange rate developments.  My Department's initial estimate, based on...

Written Answers — Department of Finance: UK Referendum on EU Membership (5 Jul 2016)

Michael Noonan: The result of the UK Referendum to leave the European Union has had market implications over the past week.  This volatility in the markets, including the currency market, was not unexpected in the light of the uncertainty caused by the result. The pound sterling to euro exchange rate experienced significant losses following the result on the referendum on Friday 24, which...

Written Answers — Department of Finance: Customs and Excise Controls (5 Jul 2016)

Michael Noonan: I am advised by Revenue that their Customs Service currently deploys seventeen detector dog teams, nine of which have drug detection capabilities. These teams are located in different locations allowing coverage for all ports and airports based on operational and intelligence requirements. Plans are being finalised to deploy an additional drug detector dog team. Revenue is satisfied that the...

Written Answers — Department of Finance: Tax Code (5 Jul 2016)

Michael Noonan: The dwelling house exemption is a provision of the capital acquisitions tax (CAT) legislation. It allows for the tax-free transfer by way of gift or inheritance of the residential property in which a beneficiary lives, subject to certain conditions. These conditions include a requirement that the beneficiary has been living in the property for three years prior to receiving it and that they...

Written Answers — Department of Finance: Tax Relief Eligibility (5 Jul 2016)

Michael Noonan: I am advised by Revenue that gifts and inheritances of agricultural property, including land, qualify for relief (known as 'agricultural relief') from the payment of Capital Acquisitions Tax (CAT) once certain conditions are satisfied. These conditions apply to anybody receiving a gift or inheritance of agricultural property and there are no specific allowances available for individuals with...

Written Answers — Department of Finance: Property Tax Exemptions (5 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 129 to 132, inclusive, together. The qualifying criteria in respect of the exemption from Local Property Tax (LPT) on foot of significant pyritic damage was amended by the Finance (Local Property Tax) (Amendment) Act 2015. The Act modified the qualifying criteria to include properties where: 1. a certificate of damage has been completed by a...

Written Answers — Department of Finance: Debt Collection (5 Jul 2016)

Michael Noonan: Firstly, the Central Bank have confirmed that there is no entity named Pepper Debt Collections regulated by the Central Bank. The Deputy may be referring to Pepper Finance Corporation (Ireland) DAC ("Pepper")  which is taken to be authorised to carry on the business of a retail credit firm having met the transitional provision for existing retail credit firms as set out in section...

Written Answers — Department of Finance: Tax Relief Application (5 Jul 2016)

Michael Noonan: I am advised by Revenue that section 669B of the Taxes Consolidation Act 1997 provided for a scheme of tax relief for milk quota purchased prior to the abolition of the EU milk quota regime in 2015. Capital allowances were available on a straight line basis at a rate of 15 per cent per annum over the initial 6 years and 10 per cent in year 7 in respect of qualifying capital expenditure...

Written Answers — Department of Finance: Tax Credits (5 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 135 to 137, inclusive, together. I am advised by the Revenue Commissioners that the estimated first and full year yields to the Exchequer of tapering the Personal, PAYE and the Earned Income Credits per €1,000 on income between €100,000 and €170,000, resulting in no entitlement to these credits on income in excess of €170,000,...

Written Answers — Department of Finance: Tax Data (5 Jul 2016)

Michael Noonan: I am advised by the Revenue Commissioners that, under the self-assessment system, an individual is required to submit a return reporting receipts by way of gift or inheritance at the point when their lifetime receipts exceed 80% of the relevant Capital Acquisitions Tax (CAT) lifetime tax-free threshold. The numbers filing such returns in relation to the Group A threshold in each of the years...

Written Answers — Department of Finance: Tax Code (5 Jul 2016)

Michael Noonan: I propose to take Questions Nos. 139 to 141, inclusive, together. A Post-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at . This Ready Reckoner shows a wide range of information including the cost and yield to the Exchequer of increasing and decreasing the various Income Tax and Universal Social Charge rates. While the Ready Reckoner does not show all of the...

Written Answers — Department of Finance: Departmental Staff (5 Jul 2016)

Michael Noonan: I am advised by the Revenue Commissioners that temporary staff are employed on the basis of fixed-term contracts and are not employed on a rolling basis. Short term temporary staff are generally required due to the seasonal nature of some work in Revenue, including Ennis, and to cover staff availing of shorter working year during the period from June to end of August. The Public...

Written Answers — Department of Finance: Tax Code (5 Jul 2016)

Michael Noonan: The Deputy also may be interested in the Post-Budget 2016 Ready Reckoner available on the Revenue Statistics webpage at .This Ready Reckoner shows a wide range of detailed information, including the estimated cost to the Exchequer when various tax bands including Single, Married One Earner and Married Two Earner are increased. In relation to the element of the Deputy's question...

Written Answers — Department of Finance: NAMA Operations (5 Jul 2016)

Michael Noonan: As the Deputy will be aware, NAMA announced in December 2015 that it could, subject to commercial viability, facilitate the delivery of up to 20,000 new residential units, on sites securing its loans, by 2020. Subsequent to this, a complaint was submitted to the Competition Directorate of the European Commission (DG Comp) by a small number of property developers,...

Written Answers — Department of Finance: Departmental Records (5 Jul 2016)

Michael Noonan: Between 2010 and 2014 there were no staff dealing with the archiving of records in my Department. 5 staff equating to 2.5 full time equivalents were engaged in archiving work in 2015 and there are now 4 full time staff engaged in such work in 2016. My Department has no plans to increase staffing levels further as they are considered satisfactory to carry out the required work.   I...

Written Answers — Department of Finance: Departmental Offices (5 Jul 2016)

Michael Noonan: I am advised by Revenue that there are no plans to close the Revenue Athlone office to the public on a permanent basis from today. A dedicated telephone line for the purposes of making appointments for attendance at the Athlone Revenue office is now in operation. This facilitates appointments on a basis agreed with the taxpayer, at a time that suits them, in each instance. The...

Written Answers — Department of Finance: Bank Debt Restructuring (5 Jul 2016)

Michael Noonan: Permanent TSB ("PTSB") has informed me that it no longer transacts new business in the UK and has been deleveraging its non-core UK based mortgage business. It has made significant progress in this regard, having sold GBP £2.5bn of UK Mortgages in 2015 in conjunction with its UK mortgage servicing platform, Capital Home Loans Limited ("CHL"). PTSB owns a further GBP £2.3bn of...

Written Answers — Department of Finance: Credit Union Lending (5 Jul 2016)

Michael Noonan: I think it important to note at the outset that credit unions already play an important ongoing role in making loans available to people on low incomes. As regards to the Personal Microcredit Scheme, this was commenced on a pilot basis in November 2015 and 30 credit unions are involved in providing individual loans of between €100 and €2,000 with a maximum interest...

Written Answers — Department of Finance: Credit Union Services (5 Jul 2016)

Michael Noonan: The 1997 Act and related statutory instruments set out the services that a credit union may provide to its members. Where a credit union wishes to provide services to its members, in addition to the services that are provided for under the 1997 Act, an application may be made to the Central Bank for approval to provide such additional services in accordance with the provisions set out in...