Results 25,181-25,200 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Departmental Schemes (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 335 to 338, inclusive, together. I am advised by Revenue that the total value of claims under the Help to Buy scheme, including both approved and pending claims, are €180.2m and €70.8m for 2022 and to-date in 2023 respectively, based on the claim-stage start date of the application. Help to Buy is a demand-led scheme which may be subject to a...

Written Answers — Department of Finance: Insurance Coverage (13 Jun 2023)

Michael McGrath: I am aware of the issue of under-insurance, which occurs when the sum insured on a property is less than the amount it would cost to rebuild or reinstate the property. According to the Central Bank of Ireland, this can leave a policyholder at risk of not being fully covered for losses were they to make a claim. Under-insurance is particularly pertinent in the current inflationary...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: The Programme for Government (PfG), “Our Shared Future”, contains a number of specific commitments relating to personal taxation. These include the commitment that, “In Budget 2021, there will be no change to income tax credits or bands. From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to...

Written Answers — Department of Finance: Departmental Reviews (13 Jun 2023)

Michael McGrath: The National Disability Inclusion Strategy Transport Working Group (TWG), comprising members from a range of Departments, agencies and Disabled Persons Organisations, was tasked under Action 104 to review all Government-funded transport and mobility supports for those with a disability, including the Disabled Drivers and Disabled Passengers Scheme (DDS). The NDIS TWG final report was...

Written Answers — Department of Finance: Primary Medical Certificates (13 Jun 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

Written Answers — Department of Finance: Pension Levy (13 Jun 2023)

Michael McGrath: I assume the Deputy is referring to the levy which was charged on pension schemes from 2011 to 2015 in accordance with section 125B of the Stamp Duties Consolidation Act 1999. The levy was introduced in the wake of the financial crash, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year...

Written Answers — Department of Finance: Tax Reliefs (13 Jun 2023)

Michael McGrath: The Budget Day costing of measures announced is published in the Tax Policy Changes document. As the Deputy will be aware, at Budget 2023the Special Assignee Relief Programme (SARP) was extended until end-2025. This was considered to be accounted for in the tax base and was cost-neutral in Budget package terms, although there will be a marginal revenue gain in 2024 and 2025 as a result of the...

Written Answers — Department of Finance: Tax Data (13 Jun 2023)

Michael McGrath: It is assumed that the Deputy is referring to increasing the rate of Capital Gains Tax on net chargeable gains in excess of €500,000, for individuals with incomes in excess of €500,000, and assuming the continuation of entrepreneur relief. I am advised by Revenue that the estimated full year gain from the increase in rate to 40 per cent for the proposed change is in the...

Written Answers — Department of Finance: Tax Data (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 346, 347 to 349, inclusive, together. I am advised by Revenue that traders are not required to identify the VAT generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible, using information provided on tax returns, to identify the amount of VAT collected from the supply of particular goods such as those...

Written Answers — Department of Finance: Electricity Supply Board (13 Jun 2023)

Michael McGrath: I wish to advise the Deputy that the following amounts were received from the ESB from 2009 to date. Dividend receipts are received and booked as non-tax revenue and contribute to the Exchequer balance in the year of receipt. Expenditure policy is a matter for individual departments and the Department of Public Expenditure, NDP Delivery and Reform. Year € ...

Written Answers — Department of Finance: Public Procurement Contracts (13 Jun 2023)

Michael McGrath: The ‘National Public Procurement Policy Framework’ issued by the Office of Government Procurement (OGP) in November 2019, sets out the procurement procedures to be followed by government departments and state bodies in accordance with EU rules and national guidelines. In addition, my Department has its own internal policy and guidance documents to assist staff to comply with...

Written Answers — Department of Finance: Tax Yield (13 Jun 2023)

Michael McGrath: The Irish Real Estate Fund (IREF) tax regime was introduced in Finance Act 2016. An IREF is an investment undertaking, or a sub-fund, which derives 25% or more of its market value (either directly or indirectly) from real estate assets in the State. IREFs are not subject to dividend withholding tax, they are subject to an IREF Withholding Tax (WHT) of 20% on distributions to non-resident...

Written Answers — Department of Finance: Departmental Schemes (13 Jun 2023)

Michael McGrath: The Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. There is...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: Section 114 of the Taxes Consolidation Act (TCA) 1997 provides for a tax deduction in respect of expenses incurred wholly, exclusively and necessarily by an individual in the performance of the duties of his or her employment. I am advised by Revenue that the flat rate expense (FRE) regime it operates is done so on an administrative basis, where both a specific commonality of expenditure...

Written Answers — Department of Finance: Tax Code (13 Jun 2023)

Michael McGrath: A person engaged in the microgeneration of electricity is taxable each year on their profits/gains from the sale of electricity as calculated under Schedule D Case I or Case IV, as the case may be. Profits arising from the carrying on of a trade are chargeable to tax under Case I whereas profits generated from activities which do not have the characteristics of a trade are chargeable to tax...

Written Answers — Department of Finance: Tax Data (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 356 and 357 together. I am advised by Revenue that a taxpayer’s final income tax liability for a year, if any, is dictated by the entirety of their income for that year, as well as the impact of all tax credits, reliefs and deductions claimed and whether they are single or jointly assessed. Income tax and Universal Social Charge (USC) liabilities...

Written Answers — Department of Finance: Tax Reliefs (13 Jun 2023)

Michael McGrath: As I have stated previously in the House, the position is that the formulation and implementation of monetary policy in the eurozone and the setting of official interest rates is an independent matter for the ECB. The Government has no role in setting official interest rates, nor in setting the retail interest rates that lenders may charge on their loans, including mortgages. That is a...

Written Answers — Department of Finance: Tax Reliefs (13 Jun 2023)

Michael McGrath: I propose to take Questions Nos. 359 to 361, inclusive, together. Section 473A of the Taxes Consolidation Act 1997 provides for income tax relief in respect of qualifying tuition fees paid by an individual for a third level education course (including a postgraduate course), subject to the conditions set out in that section. The relief is granted at the standard rate of income tax (currently...

Written Answers — Department of Finance: Tax Yield (13 Jun 2023)

Michael McGrath: I am advised by Revenue that a breakdown of excise receipts for 2021 and prior years is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statis tics/excise/receipts-volume-and-price/excise-receipts-commod ity.aspx In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated from the supply of...

Written Answers — Department of Finance: Tax Reliefs (13 Jun 2023)

Michael McGrath: A new tax incentive was introduced in Finance Act 2022 for small-scale landlords who undertake retrofitting works while the tenant remains in situ, which has the aim of attracting and retaining small-scale landlords in the private rental sector. This measure is provided for in section 97B of the Taxes Consolidation Act 1997. The provision is intended to provide for a deduction of certain...