Results 25,141-25,160 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Small and Medium Enterprises Debt (22 Nov 2016)

Michael Noonan: As the Deputy will be aware, the UK referendum on EU membership has led to significant fluctuations in the value of Sterling against the euro and this presents challenges for Irish SMEs that export to the UK.  It is likely that the recent exchange rate movements may signal a longer term, rather than cyclical, change in the value of Sterling. While hedging can provide some...

Written Answers — Department of Finance: Insurance Coverage (22 Nov 2016)

Michael Noonan: I am aware of the recent media reports in relation to Gable Insurance. Gable Insurance AG (Gable) is a Liechtenstein incorporated company subject to prudential supervision by the Financial Market Authority (FMA) Liechtenstein. Gable was principally selling commercial insurance policies and surety bonds in a number of European countries, including Ireland, on a freedom of services basis....

Written Answers — Department of Finance: Property Tax Administration (22 Nov 2016)

Michael Noonan: Section 44 of the Finance (Local Property Tax) Act 2012 (as amended) provides that owners of more than one relevant residential property must meet their Local Property Tax (LPT) payment and filing obligations via electronic means. To assist property owners in meeting this statutory requirement, Revenue developed an online system that facilitates a wide range of payment alternatives,...

Written Answers — Department of Finance: Brexit Issues (22 Nov 2016)

Michael Noonan: The Department of Finance has been assessing and preparing for the impact of Brexit since well before the referendum on 23 June 2016. This includes publication, under the joint Department of Finance/ESRI research programme, of two reports on the potential economic impacts of Brexit, in November 2015 and November 2016. Brexit issues are discussed as the principal standing...

Written Answers — Department of Finance: Departmental Properties (22 Nov 2016)

Michael Noonan: In response to the Deputy's query I would like to advise that, as the Office of Public Works (OPW) manages and maintains the State's property portfolio, the Minister with responsibility for the OPW is better placed to advise you on the details of properties managed by that Office. In respect of the bodies under the aegis of my Department I have been advised that: 1. IBRC (in Special...

Written Answers — Department of Finance: Tax Credits (22 Nov 2016)

Michael Noonan: I am advised by Revenue that in 2014, the most recent year for which figures are available, the maximum amount of home carer tax credit available was €810 and the overall cost to the Exchequer for this credit was an estimated €60.9 million, in respect of 80,900 recipients. In 2016 the home carer tax credit was increased to €1,000 and I announced in the recent Budget that...

Written Answers — Department of Finance: Mortgage Schemes (22 Nov 2016)

Michael Noonan: An equity release scheme may include either a "home reversion agreement" or a "lifetime mortgage". "Home reversion agreements" are in effect a type of property transaction where the vendor sells an interest in his/her home to a Home Reversion Firm for a discounted sum or an income (or both) whilst retaining the right to live in the home until the vendor permanently...

Written Answers — Department of Finance: Mortgage Interest Relief Extension (22 Nov 2016)

Michael Noonan: The Deputy will be aware that there is a commitment in the Programme for a Partnership Government to retain mortgage interest relief (MIR) beyond the current end date on a tapered basis. As legislation currently provides for the relief to continue to end-December 2017, it was not necessary to include legislation in Finance Bill 2016 to provide for the tapered extension of the relief....

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I move amendment No. 6:In page 7, line 36, to delete “Schedule E.” and substitute “Schedule E.”.”. This is a technical amendment which corrects a minor error in the Bill which resulted from the acceptance on Committee Stage of an amendment from Deputy Michael McGrath. It reinserts necessary punctuation that had been inadvertently deleted when the end date...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I move amendment No. 7:In page 8, to delete lines 9 to 14 and substitute the following:“7. Section 477B of the Principal Act is amended—(a) in subsection (1)—(i) by inserting the following definition:“ ‘housing authority’ has the same meaning as it has in the Housing (Miscellaneous Provisions) Act 1992;”, and(ii) in the definition of...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I thank all Deputies for their contributions. It was a good proposal on the part of Deputy Joan Burton and I am glad to be able to respond to it. We had further consultations with the Department of Housing, Planning, Community and Local Government, which had some observations on the extending of eligibility to local authority tenants as against private tenants. It said local authority...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: No.

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: As I outlined in detail on Committee Stage, the help-to-buy incentive is an important element of Government policy on housing. It is one part of the many actions to develop a fully functioning housing market that responds adequately to the needs of our citizens included in Rebuilding Ireland - Action Plan for Housing and Homelessness, which was launched last July. It is in this context that...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: Yes.

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: We are dealing with the help to buy scheme section of the Bill. Negative equity problems are not referenced anywhere in the Bill. I have already replied to the points made by Deputy Donnelly. Regarding Deputy Pearse Doherty's point that no construction activity will take place in the next ten months, he is not correct. Many sites have been opened and builders pace their developments to...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: The Central Bank has a different view. We have evidence this morning from Deputy Pearse Doherty who quoted Bank of Ireland as stating before the committee that it was sanctioning a lot of mortgage applications, but that the mortgages were not being taken up because a supply of starter homes was not available.

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: Section 118(5A) of the Taxes Consolidation Act 1997 exempts employees and directors from benefit-in-kind taxation where an expense has been incurred by an employer in the provision of a monthly or annual bus, train or Luas pass for the employee or director. The exemption also includes passes for travel on commuter ferry services which operate within the State on journeys which begin and end...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I thank both Deputies. I will ask my officials to take the matter raised by Deputy Pearse Doherty up with the Revenue Commissioners and see whether the form of identification they are requesting is too restrictive. Deputy Lawless made a good case, so between now and next year's finance Bill, we will examine the situation and see whether any progress can be made.

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: It is important to emphasise that the relevant contracts tax, RTC, system does not determine the employment status of any individual engaged in the construction industry. The design and development of the relevant contracts tax system was an anti-tax evasion measure to counteract tax evasion in the construction, forestry and meat processing sectors. Principal contractors are required to...

Finance Bill 2016: Report Stage (Resumed) (23 Nov 2016)

Michael Noonan: I agree with Deputy McGrath that the statistics put on the record by Deputy Boyd Barrett are startling, but what is even more startling is they are all incorrect. He has been supplied with the information previously which shows they are incorrect. In an exchange with me in the House it was pointed out to him the discrepancy between 34,000 and approximately 75,000 arises from the fact 34,000...