Results 3,181-3,200 of 45,510 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: These are all important questions. Deputy Doherty is correct. I acknowledge it is a modest measure but it reflects all the tax that has been paid on savings for this purpose over the four year period. In terms of the four year date, as the Deputy has acknowledged there has to be certainty as to what is the cut-off period. It has to be a four year period. We are trying to bring the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 45: In page 45, line 21, after "purchase" to insert "or on the relevant completion date, as the case may be".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 46: In page 45, lines 23 and 24, to delete "dwellinghouse or apartment" and substitute "dwelling".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 47: In page 45, between lines 24 and 25, to insert the following:“ ‘relevant completion’ means the completion of the construction of a new dwelling, on or after 14 October 2014 and on or before 31 December 2017, to a standard where it is suitable for immediate occupation as a dwelling and the dwelling⁠— (a) has been built directly or...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 48: In page 45, to delete lines 25 to 37 and substitute the following:“ ‘relevant purchase’ means the conveyance or transfer of a dwelling on or after 14 October 2014 and on or before 31 December 2017⁠— (a) into the name of a first-time purchaser only, for occupation as his or her place of residence, or (b) into the names of more than...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Interest rates can go up or down, as the Deputy knows. The 20% figure is a useful and appropriate one to have. Obviously, we do not know the outcome of Central Bank deliberations but legislation can change. The 20% figure is in place and I certainly do not believe it would make any sense to lower it. I acknowledge that the Deputy is not suggesting we should. As we have outlined, it is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The qualification is that one must be a first-time buyer.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I take the point. The Deputy would probably accept that it is highly unlikely that the measure will really have an impact on the group in question. We have introduced it in an equitable fashion and it is open to all first-time buyers. The Deputy will have seen in some of the amendments we have agreed some of the protections we have put in place. One has to be a genuine first-time buyer....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: We have not gone into the level of detail to which the Deputy is alluding. We have not done so on the basis that the initiative is a modest one for giving back tax to try to help people who have been saving. The safeguard or control measure we envisage is that one can apply under the scheme only once. Once one has availed of the measure — it is open to any first-time purchaser...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Deputy is right to highlight this. I have described what he outlined as highly unlikely, as has the Deputy. If he wants to tease this out further, we will be able to do so on Report Stage. However, I am satisfied that people will have to have had savings in place. They will have to live in the house and will get only one opportunity to access the scheme. Considering that the scheme...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I take the point. I am sure this is a matter that the Deputy will consider in advance of Report Stage. As he said, the measures are intended to achieve a noble aim. We are satisfied the protections and controls in place are proportionate with the benefit of the scheme. However, if the Deputies wish to tease this out further on Report Stage, I am sure the Minister for Finance will consider it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 50: In page 46, between lines 5 and 6, to insert the following:“Amendment of section 267M of Principal Act (tax rate applicable to certain deposit interest received by individuals) 21. Section 267M of the Principal Act is amended in subsection (2)—(a) in paragraph (a) by deleting “and subject to paragraph (b)”, and (b) by deleting paragraph...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 51: In page 46, line 7, to delete “Section 481 of the Principal Act” and substitute “Section 481 of the Principal Act (as amended by section 21 of the Finance Act 2013)”.With the Chairman's permission, I propose to take amendments Nos. 51, 52, 98 and 99 together as they all relate to the changes being made to the film relief scheme in section...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 52: In page 46, between lines 33 and 34, to insert the following:“(2) This section comes into operation on such day as the Minister for Finance may appoint by order.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 55: In page 48, between lines 35 and 36, to insert the following:“(d) in section 492(3) by substituting “4 years” for “3 years”,”.One of the changes the Minister for Finance is making to the employment and investment incentive is to increase the minimum holding period for shares from three to four years. Section 492 of the Taxes...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I can. The Deputy's amendments were ruled out of order but I will respond to the broader points that he has raised. The Deputy wanted consideration to be given to the effect of increasing the minimum holding period for shares from four to five years. The EII scheme is targeted at job creation and retention and is available to the majority of small and medium-sized trading companies. The...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 56: In page 49, between lines 25 and 26, to insert the following:“Amendment of Chapter 3 of Part 38 of Principal Act (other obligations and returns) 25. The Principal Act is amended in Chapter 3 of Part 38 by inserting the following after section 891E:“Returns of certain information by financial institutions 891F. (1)This section provides for the collection...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I agree with much of what Deputy McGrath has said. He is right to ask how this provision will ensure that land is actually utilised and not left idle. In response, I refer him to the Minister's speech on budget day where he indicated that he plans to launch a public consultation process shortly on the issue of incentivising the use of currently unused land. This will relate to land zoned...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: No, he has not outlined it yet. It was in his budget speech, but the detail of it has not yet been outlined.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I will seek an update and revert to the Chairman. On budget day the Minister indicated he hopes to do this in the coming months.