Results 26,081-26,100 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I am being asked not to have any targeting; that is essentially the proposal. Nobody is served by talking about people losing their homes or credit ratings. We are talking about a mortgage support, recognising the fact that the broad section of mortgage holders with a mortgage balance between €80,000 and €500,000 will benefit from this measure. We also have a whole range of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: When we draw up parameters for any scheme, there will always be criticism of where the parameters have been drawn. Deputy Doherty described his proposal as being targeted. It is not targeted; it has a limited benefit. There is a difference. He is essentially suggesting that people with a mortgage balance of €10,000, €20,000 or €30,000 and perhaps two or three years...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: We have had a discussion on this amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy for his amendment. Section 15 makes two changes to section 208B of the Taxes Consolidation Act 1997, which contains the administrative provisions for the charitable tax exemptions provided for in sections 207 and 208 and the arrangements concerning overseas charities provided for by section 208A of the Taxes Consolidation Act 1997. The first amendment provides that...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputy. I will read a short note and will then add clarity on the specific question. This section makes two amendments to section 235 of the Taxes Consolidation Act 1997, which provides for an exemption from income tax and corporation tax on the income of certain bodies established for the purpose of the promotion of athletic or amateur games or sports. The first amendment...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: They may not come under the definitions here. That is true.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: They may not be competitive.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Existing Revenue-approved RACs will continue to be able to offer RACs and life assurance under those contracts to new members. Tax relief will still be available for contributions into RACs.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: This section amends section 787K of Part 30 of the Taxes Consolidation Act to remove the upper age limit on personal retirement savings accounts, PRSAs. The amendment implements a recommendation of the report of interdepartmental pensions reform and taxation group with a view to improving and simplifying the pension regime in Ireland and leading towards a whole-of-life PRSA. A PRSA is a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: At the age of 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: It is 75. They are currently locked out from the age of 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: If they have not drawn down already, then at 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: We will try to-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The changes that were introduced in 2013 still apply. In 2013, it was deemed that this was a form of tax planning which allowed PRSA holders to pass large funds on to their spouse, civil partner or dependants with favourable tax consequences. In order to address this where a fund has not commenced benefits and the PRSA holder reaches an upper age limit of 75, the fund is deemed to vest, at...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes, and will pay tax on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I suggest that we provide a comprehensive note relating it back to the 2013 change, which had the anti-avoidance provisions. We will set out how those anti-avoidance provisions are continuing and what the impact of the change is. I believe the thrust of the Deputy's question is about the interaction between what we are doing now and what was done in 2013, and how we are protecting those...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes, the view of the interdepartmental group was that the anti-avoidance provisions are being maintained. Allowing access beyond the age of 75 does not dilute those anti-avoidance provisions. We will correlate the two issues in a note.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: It is not up to me. Normally it is only if an amendment-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The Deputy can table an amendment seeking a report.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank Deputies Nash and Doherty for their contributions. I said in my budget speech that for every tenant there has to be a landlord. In recent years we have seen a decline in the number of small investors in the market owning one or two properties. Some 86% of landlords in the market own one or two properties and they have a vital role to play. This section inserts a new section 480C...