Results 27,121-27,140 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Housing Schemes (20 Feb 2024)

Michael McGrath: The Help to Buy scheme (HTB) assists first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home providing for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid by the applicant(s) over the previous four tax years. Eligibility of the applicant, together with the maximum potential relief available is determined at...

Written Answers — Department of Finance: Financial Services (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 210 and 211 together. The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 made the activity of credit servicing a regulated activity and, as such, within the regulatory mandate of the Central Bank. Credit servicing includes the management and administration of credit agreements. Because credit servicing is a regulated activity, the...

Written Answers — Department of Finance: Financial Services (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 212 to 214, inclusive, together. The Financial Services and Pensions Ombudsman (FSPO) plays a vital role for consumers of financial services in Ireland, as part of a robust financial consumer protection framework. The statutory functions of the FSPO are set out in the Financial Services and Pensions Ombudsman Act 2017. This governing legislation empowers the...

Written Answers — Department of Finance: Middle East (20 Feb 2024)

Michael McGrath: The NTMA inform me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and will align it with any changes it makes. ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its...

Written Answers — Department of Finance: Tax Residency (20 Feb 2024)

Michael McGrath: I understand that the query relates to the Irish tax treatment of both a US social security disability pension and a US occupational pension and the treatment of both under the Ireland-US Double Taxation Treaty (“DTT”). From the information provided, both the social security disability pension and a US occupational pension are subject to tax in the USA. I am advised by the...

Written Answers — Department of Finance: Tax Code (20 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 217 and 218 together. In respect of both of these questions, I assume the Deputy is referring to Capital Acquisitions Tax (CAT), which is a tax on gifts and inheritances payable by the beneficiary of that gift or inheritance. In relation to the CAT thresholds, I am advised by Revenue that it is the relationship between the person providing a gift or...

Written Answers — Department of Finance: Primary Medical Certificates (20 Feb 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. ...

Written Answers — Department of Finance: Student Accommodation (20 Feb 2024)

Michael McGrath: The NTMA have informed me that the Ireland Strategic Investment Fund (ISIF) is a commercial investor in a range of businesses, platforms and projects which support the delivery of new homes in Ireland. These investments are in private market commercial operations, typically featuring a significant quantum of third-party investment that deliver a range of housing tenures including...

Written Answers — Department of Finance: Tax Credits (20 Feb 2024)

Michael McGrath: Based on Revenue’s latest Ready Reckoner (post-Budget 2024), the estimated cost to the Exchequer of increasing the blind person’s tax credit from €1,650 to €1,950 per annum for a single person and from €3,300 to €3,900 per annum for married couples or civil partners, is approximately €0.3 million on a first year basis and €0.4 million on...

Written Answers — Department of Finance: Tax Yield (20 Feb 2024)

Michael McGrath: I am advised by Revenue that the estimated full year yield from the proposed changes to the local property tax rates outlined in the question is in the table below. The latest full year data available for estimating the cost of proposed policy changes is in respect of 2022 figures. € million Applying rate of 0.1029% to the portion below...

Written Answers — Department of Finance: Tax Code (20 Feb 2024)

Michael McGrath: As the Deputy will be aware the 9% VAT rate applied on a temporary basis to the hospitality and tourism sectors until 31 August 2023 when it reverted to the 13.5% rate. The 9% rate was introduced on 1 November 2020 in recognition of the fact that the tourism and hospitality sectors were among those most impacted by the public health restrictions put in place throughout the pandemic. The...

Written Answers — Department of Finance: Tax Reliefs (20 Feb 2024)

Michael McGrath: Part 16 of the Taxes Consolidation Act 1997 (TCA 1997) provides relief for investment in corporate trades (Part 16 reliefs). The Part 16 reliefs are the Employment Investment Incentive (EII), Start-Up Relief for Entrepreneurs (SURE) and Start-Up Capital Incentive (SCI). The reliefs help provide SMEs and start-ups with alternative funding sources. The Part 16 reliefs are State aid and come...

Written Answers — Department of Finance: Tax Rebates (20 Feb 2024)

Michael McGrath: I am advised that Revenue has received a claim for refund under the Value-Added Tax (Refund of Tax) (Flat-rate Farmers) Order 2012 from the person (details supplied). The claim was returned to the claimant for further information and was resubmitted to Revenue on 2 February 2024. The peak filing period for these claims is between mid-November (the Income Tax filing period) and late...

Written Answers — Department of Finance: Tax Code (21 Feb 2024)

Michael McGrath: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing. The tax is an action contained...

Written Answers — Department of Finance: Financial Instruments (21 Feb 2024)

Michael McGrath: I can confirm that it is possible to change a VAT rate between Budgets and that such changes have been made in the past. A Financial Resolution is required to make such a change. In line with Section 4g of the Provisional Collection of Taxes Act, 1927, such a Financial Resolution will only have effect for four months. As such, primary legislation would be required before the expiration of the...

Written Answers — Department of Finance: Insurance Coverage (21 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 58 and 66 together. It is important to note that neither I as Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive). Consequently, I am not in a position to direct insurance companies regarding the cost...

Written Answers — Department of Finance: Tax Reliefs (21 Feb 2024)

Michael McGrath: As the Deputy will be aware, with effect from 1 January 2009, income tax relief in respect of qualifying health expenses, with the exception of relief in relation to nursing home expenditure, has been granted at the standard rate of tax. Prior to that date, tax relief was available at the taxpayer's marginal rate of income tax. The decision to standardise health expenses relief was to...

Written Answers — Department of Finance: Insurance Coverage (21 Feb 2024)

Michael McGrath: I propose to take Questions Nos. 60 and 61 together. Insurance reform is a central priority for this Government and it is being addressed directly via the Action Plan for Insurance Reform. This whole-of-Government initiative aims to reduce cost and increase availability of this key financial service. The vast bulk of the actions contained in the Plan have now been delivered and the...

Written Answers — Department of Finance: Tax Rebates (21 Feb 2024)

Michael McGrath: The VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. From 1 May 2023, the supply and installation of solar panels on or adjacent to immovable property, being private dwellings, is subject to the zero rate. In accordance with EU and Irish VAT legislation, a VAT-registered trader is obliged to include VAT as part of the price for goods and...

Written Answers — Department of Finance: Primary Medical Certificates (21 Feb 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. The...