Results 25,901-25,920 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: I understand that Deputy Creed is referring to the chargeable excess tax and Standard Fund Threshold (SFT) regime. I am advised by Revenue that the SFT was introduced in Finance Act 2005, with the purpose of addressing excessive pension accrual, and it applies to all private and public sector pension arrangements. It is provided for in Chapter 2C of Part 30 of the Taxes Consolidation Act...

Written Answers — Department of Finance: Customs and Excise (10 Oct 2023)

Michael McGrath: The Minimum Excise Duty (MED) supports public health objectives by ensuring that the cheapest cigarettes on the market are priced at a particular minimum level, which reflects their underlying health risks. The MED was increased in Budget 2019, Budget 2020 and Budget 2021, alongside VAT inclusive 50 cent increases on 20 pack cigarettes in the most popular price category (MPPC). The MED is...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 122 and 123 together. As the Deputies are aware Life Assurance Exit Tax (LAET) is payable on the gain made on a life assurance policy. The Finance Act 2000 introduced the gross roll up taxation regime for life assurance policies. The general rule for an investment subject to a gross roll up scheme is that no annual tax is applied to the income or capital...

Written Answers — Department of Finance: Tax Reliefs (10 Oct 2023)

Michael McGrath: The Rent a Room scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence as residential accommodation in order to bring about an increase in the availability of rental accommodation. In accordance with section 216A of the Taxes Consolidation Act 1997, an individual who lets a room or rooms in her or his sole or...

Written Answers — Department of Finance: Tax Collection (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 127 and 129 together. As the Deputy is aware, Vacant Homes Tax (VHT) is a new measure announced in Budget 2023 which aims to increase the supply of homes for rent or purchase to meet demand. As is the case for the Local Property Tax (LPT), VHT will not apply to derelict or uninhabitable properties. The definition of residential property for VHT is the same...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C of Taxes Consolidation Act 1997 (TCA) outlines the...

Written Answers — Department of Finance: Customs and Excise (10 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 130 and 132 together. As the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: Section 664A Taxes Consolidation Act 1997 (TCA) provides additional relief for farmers in respect of an increase in the carbon tax on farm diesel. In addition to being able to claim a tax deduction for expenditure incurred on farm diesel (including any carbon tax charged in respect of the diesel), in computing their taxable farming profits, farmers may claim a further deduction for farm...

Written Answers — Department of Finance: Tax Rebates (10 Oct 2023)

Michael McGrath: Finance Act 2022 includes a provision to increase the rate of repayment of Mineral Oil Tax (MOT) under an existing relief for certain heavy oils used for commercial horticultural production and mushroom cultivation. In addition, the Act also amends Finance Act 2010 to provide for a new relief from Natural Gas Carbon Tax (NGCT), mirroring the amended MOT relief. As both of these provisions...

Written Answers — Department of Finance: Tax Code (10 Oct 2023)

Michael McGrath: Section 657 of the Taxes Consolidation Act 1997 provides for income averaging, which allows farmers to pay tax based on the average of five years’ farming profits and losses. If a farmer opts in to averaging, they must remain within the averaging scheme for a minimum of five years. If they revert to the normal basis of assessment, a review will be done. However, a farmer may also elect...

Written Answers — Department of Finance: Tax Credits (10 Oct 2023)

Michael McGrath: I am advised by Revenue that the estimated cost of increasing the home carer tax credit to €2,000, which represents an increase of €300 from its current value of €1,700 per annum, is approximately €22 million on a first year basis and €24 million on a full year basis.

Written Answers — Department of Finance: Financial Services (10 Oct 2023)

Michael McGrath: The Central Credit Register is established by the Central Bank under the Credit Reporting Act 2013 (the Act). It is a database of information on loans and loan applications. The Act provides that Credit Information Providers (lenders) must submit information on loans where the loan is for €500 or more. Lenders must enquire on the Central Credit Register when considering a loan...

Written Answers — Department of Finance: Insurance Industry (10 Oct 2023)

Michael McGrath: Insurance reform is a key priority for this Government and is being delivered via the Action Plan for Insurance Reform. The latest Implementation Report demonstrates that significant progress has been made, with the vast bulk of the actions contained in the Action Plan now either delivered or initiated. The importance that Government places on the Action Plan is evidenced by the fact that...

Written Answers — Department of Finance: Departmental Properties (10 Oct 2023)

Michael McGrath: My Department does not own buildings or land in County Clare. In relation to the bodies under the aegis of my Department, the National Asset Management Agency (NAMA) advises that it owns loans and does not own properties. NAMA has confirmed that the Agency no longer has security over any property in Co. Clare. NAMA also advises that National Asset Residential Property Services owns a total...

Written Answers — Department of Finance: Tax Credits (10 Oct 2023)

Michael McGrath: Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture. I am aware of the contents of the Committee on Budgetary...

Written Answers — Department of Finance: Transport Policy (11 Oct 2023)

Michael McGrath: Progress has been made on efforts to convene a new Disabled Drivers Medical Board of Appeals (DDMBA), to secure new hosting arrangements for the DDMBA and to recommence the appeals process. I have now formally appointed all five members to the new DDMBA. Funding arrangements between the Department of Finance and the Department of Health have been agreed. On this basis the National...

Written Answers — Department of Finance: Tax Data (11 Oct 2023)

Michael McGrath: I am advised by Revenue that the estimate of revenue accrued in a full year from the June and September 2023 restorations in Mineral Oil Tax (MOT) on petrol, diesel and marked gas oil, is €456.2m, comprising MOT of €410.4m and VAT of €45.8m.

Written Answers — Department of Finance: Departmental Data (11 Oct 2023)

Michael McGrath: I am informed by the FSPO that more than 80% of complaints that closed in 2022 were closed within 12 months of the complaint being made. Complaints were mainly closed through the Registration and Assessment, or Dispute Resolution (mediation) processes.For all complaints that closed in 2022, including both tracker mortgage complaints and other complaints, the average time from receipt of...

Written Answers — Department of Finance: Mortgage Interest Rates (11 Oct 2023)

Michael McGrath: Central Bank data published last month shows that, at end-June 2023, there were 712,347 private residential mortgage accounts for principal dwellings held in the State. The majority of these mortgage accounts (84%) are held by banks, with non-bank entities accounting for 16% of the total stock of PDH mortgage accounts. It should be noted that where a lender or creditor sells the benefits...

Written Answers — Department of Finance: Tax Code (11 Oct 2023)

Michael McGrath: I propose to take Questions Nos. 75 and 77 together. My Department and Revenue have, for some time, been aware of issues involving contractual arrangements which, in certain circumstances, has led to uncertainty within the General Practitioner (GP) community in relation to the tax treatment of General Medical Services (GMS) scheme income. Revenue issued guidance to tax practitioners...