Results 2,701-2,720 of 27,019 for speaker:Michael Noonan

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the gains associated with the tax payments made in 2007, 2008 and 2009, arising from the exercise of share options were €312 million, €239 million and €129 million respectively. Information on the total value of share options exercised is not readily available and could not be obtained without conducting a protracted examination of the...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the most recent year for which the necessary detailed statistical information is available, in relation to the Rent-a-Room Scheme, is the income tax year 2008. The estimated cost of the scheme to the Exchequer for that year was €5.6 million. The cost of the scheme for the 2007 tax year was €4.7 million.

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the most recent year for which final information is available on the cost to the Exchequer of income tax relief for interest relief claimed for acquiring an interest or share in certain companies or partnerships is the income tax year 2008. The cost to the Exchequer in that year is estimated at €48.5 million.

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I assume that the Deputy is referring to the current annual earnings cap of €115,000 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Pension Provisions: Pension Provisions (21 Jul 2011)

Michael Noonan: While there is no particular pension saving scheme or plan specifically designated for use by proprietary directors, many such individuals save for their retirement through what are called small self-administered pension schemes (SSAS). SSAS are typically single member pension schemes with the scheme member normally also being the owner/proprietary director of a business and the trustee of...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that information on the number of claimants availing of the tax relief for qualifying sportspersons, the amount of associated income and the estimated cost to the Exchequer is set out in the following table for the income tax years 2006 to 2008 inclusive. Retirement relief for qualifying sportspersons Year Number of Claimants Total value of Income...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the value of property based tax incentives on which tax reliefs were claimed for the tax years 2006 to 2009 by individuals is based on personal income tax returns filed by non-PAYE taxpayers. The total amount claimed for this period is as set out in the table below: Value of property-based tax incentives...

Written Answers — Tax Reliefs: Tax Reliefs (21 Jul 2011)

Michael Noonan: I am informed by the Revenue Commissioners that the relevant information available on the value of property-based tax incentives on which tax reliefs were claimed for the tax years 2006 to 2009 by companies is based on corporation tax returns filed by companies. The total amount claimed for this period is as set out in the table below: Value of property-based tax incentives claimed by...

Written Answers — National Asset Management Agency: National Asset Management Agency (21 Jul 2011)

Michael Noonan: I am advised by NAMA that certain loans have transferred to NAMA for consideration which represented 100% of the nominal loan balance, i.e. without a discount. The agency also advises that a small number of the loans transferred would have the features outlined by the Deputy, namely 1) where the amount outstanding was relatively small in relation to the value of the underlying property; or...

Written Answers — Tax Collection: Tax Collection (21 Jul 2011)

Michael Noonan: I am advised by Revenue that despite the fact that it has worked with the business concerned to reach a mutually acceptable approach to dealing with a very substantial tax debt, the business concerned has failed to meet a fundamental requirement of the approach agreed by not meeting the terms of an arrangement put in place only four months ago. On that basis Revenue is not assured as to the...

Written Answers — Banking Sector Regulation: Banking Sector Regulation (21 Jul 2011)

Michael Noonan: This is a regulatory matter. The Registrar of Credit Unions at the Central Bank of Ireland is responsible for the regulation of credit unions and is independent in the exercise of his duties. I, as Minister for Finance, have no function in decisions in this regard. I have consulted with the Registrar who advises as follows: From time to time, the Registrar of Credit Unions issues guidance...

Written Answers — Fiscal Policy: Fiscal Policy (21 Jul 2011)

Michael Noonan: The report referred to is an econometric analysis, carried out by the Revenue Commissioners, on the market for cigarettes in Ireland. It suggests, based on this analysis, that Ireland has moved beyond the optimum point regarding the effectiveness of taxation to reduce cigarette consumption. The research suggests that higher cigarette taxes in Ireland would no longer produce a win-win...

Written Answers — Banking Sector: Banking Sector (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 86 and 90 together. The Deputy will be aware of my Statement on Banking of 31 March 2011 where I set out Government policy in relation to the matters the Deputy has raised. A fundamental element of Government Strategy has been to restore a functioning banking system and the Government has made particular commitments to recapitalising the banks and...

Written Answers — Fiscal Policy: Fiscal Policy (21 Jul 2011)

Michael Noonan: The Government is committed to restoring order to the public finances and as an intermediate step, reducing the General Government deficit to less than 3% of GDP by 2015. The Programme for Government states that further reductions in the deficit will be required thereafter. However, the current budgetary projections contained in the Stability Programme Update, published in April, are only...

Written Answers — Credit Availability: Credit Availability (21 Jul 2011)

Michael Noonan: I propose to take Questions Nos. 88 and 96 together. The Deputies will be aware that the banking system restructuring plan creates capacity for the two Pillar Banks, Bank of Ireland and AIB, to provide lending in excess of €30 billion in the next three years. SME and new mortgage lending for these banks is expected to be in the range of €16-20bn over this period. In each bank, a team of...

Written Answers — Bank Deposits: Bank Deposits (21 Jul 2011)

Michael Noonan: As the Deputy will be aware, deposits in Irish banks were on a downward trajectory during 2009 and 2010 as fears grew about the health of their balance sheets and rating agencies downgraded their recommendations. The government's first priority was therefore to ensure that they were adequately capitalised to not only restore depositor and investor confidence, but to ensure they were in a...

Written Answers — Tax Code: Tax Code (21 Jul 2011)

Michael Noonan: The top rate of non-residential Stamp Duty was reduced from 9% to 6% in 2008. (The Deputy may be aware that residential Stamp Duty rates were reduced in December 2010 to 1% on consideration up to €1 million and 2% on the balance over 1 million.) The Stamp Duty Land Tax rate in the UK is not a straightforward 1% across the board. The charge can be up to 4% and the rate charged depends on...

Written Answers — Banking Sector Remuneration: Banking Sector Remuneration (21 Jul 2011)

Michael Noonan: A draft report has been received from Anglo Irish on the matter as requested which is currently being examined within my Department.

Written Answers — Departmental Expenditure: Departmental Expenditure (21 Jul 2011)

Michael Noonan: My Department has not awarded any public funds to the Irish Business and Employers Confederation in the past decade.

Written Answers — Banks Restructuring: Banks Restructuring (21 Jul 2011)

Michael Noonan: As I indicated in my reply to a parliamentary question of 5 July 2011 (ref no 18567/11) on the matter of redundancies in the banking sector, discussions with the affected covered institutions are on-going. The Deputy will appreciate that negotiations on these matters have great sensitivity attached to them and public disclosure of positions are not usually helpful in arriving at mutually...