Results 24,741-24,760 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is from 1 September.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: Could the Deputy repeat that?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I think the Deputy is working out an average there.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: This is the information we have from the Department of the Environment, Climate and Communications, which did the costing. It was based on potentially 400,000 businesses across the period. About half of that cost was budgeted last year and not much of it was used. Regarding the balance in 2023, we are seeing the drawdown-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It should be noted that for a business to reach the €10,000 cap, it would have to have seen its costs for the relevant month in the claim period increase by more than €25,000 when compared to the same month in the prior year. Given that recent data show that less than 0.9% of businesses have bills in excess of €35,000, it is very unlikely that many will be subject to the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: That is always the absolute outer limit but, of course-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is capped for individual businesses.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: What the data show is that very few businesses are affected by the cap.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: In costing any initiative, of course, one will have to make assumptions. That is what the Department of Environment, Climate and Communications did. It looked at the data. Recent data show less that 1% of businesses have bills in excess of €35,000. That is the evidence on which the Department would have relied in developing a costing of the TBESS scheme throughout last year. Of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: It is a systems issue whereby one can apply, retrospectively, the change in the entry criteria. Instead of the 50% increase, it is now a 30% increase, with regard to the gateway into the scheme. That can be applied all the way back to 1 September. That change can be done retrospectively. It is a systems issue. The other elements cannot be applied in the same way and, therefore, are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: The change in the rate of benefit to €15,000 requires state aid approval. That can only be prospective in nature. Going from 40% to 50% of the increase it has met under the scheme requires state aid approval. The advice I have received is that aspect can only be applied on a going forward basis.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I acknowledge the impact the changing interest rate environment has had on so many households and in particular those who have enjoyed historic low tracker rates for a long period have had a very sharp shock with the increases that have happened since last summer. Some variable rate customers have also seen increases and as some fixed rate customers come off their fixed rate period, they...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2023: Committee Stage (29 Mar 2023)

Michael McGrath: I thank the Chair, the officials and committee members for taking the Bill today. I want to signal that I may wish to bring forward an amendment on Report Stage on an environmentally-related VAT matter to which I am giving consideration at the moment.

Written Answers — Department of Finance: Tax Code (30 Mar 2023)

Michael McGrath: The position is that where a couple is cohabiting, rather than married or in a civil partnership, they are treated as separate and unconnected individuals for the purposes of income tax. Each partner is a separate entity for tax purposes, therefore, cohabiting couples cannot file joint assessment tax returns or share their tax credits and tax bands in the same manner as married couples. ...

Written Answers — Department of Finance: Tax Code (30 Mar 2023)

Michael McGrath: Stamp duty on the sale of residential properties such as apartments and houses is chargeable at the rate of 1% where the consideration does not exceed €1 million. Where the consideration exceeds €1 million, stamp duty is chargeable at 1% on the first €1 million and 2% on the balance. Stamp duty at the rate of 7.5% applies to the sale of non-residential land, which...

Written Answers — Department of Finance: Vacant Properties (30 Mar 2023)

Michael McGrath: I propose to take Questions Nos. 132, 134 and 135 together. Government policy on measures to promote the utilisation of vacant or derelict property for the purposes of home ownership is a matter for the Minister for Housing, Local Government and Heritage. As the Deputy is aware, his Department has put in place the Croí Cónnaithe scheme which can provide financial assistance to...

Written Answers — Department of Finance: Housing Provision (30 Mar 2023)

Michael McGrath: The Living City Initiative (LCI) (provided for in Finance Act 2013 and commenced on 5 May 2015) is a tax incentive aimed at the regeneration of the historic inner cities of Dublin, Cork, Galway, Kilkenny, Limerick and Waterford. The scheme provides income or corporation tax relief for qualifying expenditure incurred in refurbishing/converting qualifying buildings which are located within...

Written Answers — Department of Finance: Construction Industry (30 Mar 2023)

Michael McGrath: Profits arising from construction trade activities are taxed in the same manner as other trades. Income tax or corporation tax (as the case may be) is charged under Schedule D Case I for each year of assessment on the annual profits or gains of the construction trade carried on by a person. Relief for certain capital expenditure is given by way of capital allowances. Expenditure which is...

Written Answers — Department of Finance: Business Supports (30 Mar 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. Details of the scheme are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 30 April 2023. However,...

Written Answers — Department of Finance: Departmental Reviews (30 Mar 2023)

Michael McGrath: As the Deputy may be aware, as part of his Budget 2023 speech, my predecessor announced the intention to establish a working group to consider the taxation of funds, life assurance policies and other investment products as well as commencing a review of specified institutional investment regimes. My officials have been working through the specific detail on the parameters of such a review...