Results 26,221-26,240 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: To clarify, my understanding is if there is a formal fostering arrangement in place under the appropriate regulations prior to the age of 18, then the minimum five-year period does not apply in that circumstance, namely, where it is a formal fostering arrangement under the regulations. That is the relevance of the regulations I referred to in my earlier contribution. The five years does not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: We are dealing with historical fostering arrangements that predate the regulations that have been referenced. This extends the existing provision to people in such arrangements.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Relief is already provided for any fostering arrangement under the regulations that I laid out, namely, the 1995 regulations. This additional measure relates to fostering arrangements that predated those regulations. I will double-check, though. It is important that we get it right.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: We will provide a note. My understanding is that what I said was correct, but we will set it out comprehensively in the note.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Where a person receives an interest-free loan for less than full consideration, he or she is deemed to take a gift for capital acquisitions tax purposes. The gift is the interest-free element of the loan rather than the loan itself. This section of the Bill amends section 46 of the Capital Acquisitions Tax Consolidation Act 2003 to provide for the introduction of a mandatory reporting...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Yes, from a relative.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Let me go through how the tax benefit of an interest-free loan is calculated, what rate is applied and whether Revenue provides guidance for the types of real-life scenarios to which the Deputy is alluding. Section 40 of the Capital Acquisitions Tax Consolidation Act 2003 deems a person to take a gift in each year that he or she has the free use of property. The value of the gift is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: The value of the loans from close relatives is aggregated in terms of meeting the reporting obligation.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: This section will make various amendments to the agricultural relief and business relief provisions of the Capital Acquisitions Tax Consolidation Act 2003. Agricultural relief and business relief are available in respect of gifts and inheritances of agricultural property and relevant business property, subject to certain conditions being met. Where these reliefs apply, they operate by...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: The clawback trigger event is being amended to clarify that all types of disposals, including part disposals, within the specified period, other than a lease to an active farmer, will trigger a clawback of the relief unless there are proceeds and those proceeds are invested in replacement agricultural property within one year. This is achieved by the substitution of “in whole or part,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: This section amends section 895 of the Taxes Consolidation Act 1997, which was introduced in 1992 to ensure all foreign accounts opened by Irish-resident individuals were reported to the Revenue Commissioners in the year in which the foreign account was opened. The purpose of the proposed amendment is to remove the reporting obligation for individuals who would otherwise not be required to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I move amendment No. 34: In page 103, between lines 22 and 23, to insert the following: “Amendment of section 3 of Principal Act (Interpretation of Income Tax Acts) 81. Section 3 of the Principal Act is amended— (a) in subsection (1), by the substitution of the following definition for the definition of “incapacitated person”: “...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: First, I want to put on record my thanks to my officials and the National Rehabilitation Hospital, NRH, for the efforts to get the appeals board back up and running. That has been my priority for a while and we are making progress in that regard. My officials met with the new appeal board members and the NRH yesterday, 7 November, and a constructive meeting was held. On the basis of this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Just to clarify, is the Deputy's query about the use of technology platforms?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: This section amends Chapter 3A of Part 33 and Chapter 3 of Part 38 of the Taxes Consolidation Act 1997 Subsection (a) amends Chapter 3A of Part 33 which transposed Council Directive EU 2018/822, commonly known as DAC 6. This is the European directive on administrative co-operation that introduced a mandatory disclosure regime for certain cross-border transactions. The aim of DAC 6 is to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Sellers are considered to be reportable sellers under DAC 7 if they use a platform to earn consideration with respect to the carrying out of any of the following: the rental of immovable property; the provision of a personal service; the sale of goods; or the rental of any mode of transport.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: Yes, that is my understanding. The likes of Airbnb and others would be covered.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: That is correct.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I move amendment No. 36: In page 109, line 9, to delete “(1)”. Section 84 of the Bill inserts a new section 891L into the Taxes Consolidation Act 1997 to transpose article 12a of the Directive on Administrative Cooperation, DAC, into Irish law. This provide a legal basis under which EU member states can request for their officials to conduct a joint audit of an Irish...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Michael McGrath: I move amendment No. 37: In page 112, to delete lines 35 to 38 and substitute the following: “(23) (a) Section 851A shall apply to a nominated officer, or a person who was formerly a nominated officer, as it applies to an authorised officer, subject to the modification that references to a ‘Revenue officer’ in— (i) the definition, in subsection (1) of that...