Results 3,481-3,500 of 27,019 for speaker:Michael Noonan

Written Answers — Banks Recapitalisation: Banks Recapitalisation (25 Oct 2011)

Michael Noonan: The latest publicly available figures on the amount of Eurozone Government bonds, including Irish government bonds, held by AIB were published as part of the EU wide bank stress tests on 15 July 2011. A link to the main release on the Central Bank of Ireland's website is below. http://www.centralbank.ie/press-area/press-releases/Pages/20...

Written Answers — Banks Recapitalisation: Banks Recapitalisation (25 Oct 2011)

Michael Noonan: The Programme for Government commits the Government to examining a proposal to increase mortgage interest relief to 30% for first time buyers who bought between 2004 and 2008 to be financed in part by the abolition of mortgage interest relief for new buyers from mid 2011. This proposal was considered by the Inter-Departmental Group on Mortgage Arrears but was not recommended by the 0Group....

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: Income Tax relief in respect of health expenses is allowable in accordance with section 469 of the Taxes Consolidation Act 1997. The section provides for tax relief for health expenses incurred in the provision of health care. "Health Care" is defined as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability but does not include cosmetic...

Written Answers — Bank Staffing: Bank Staffing (25 Oct 2011)

Michael Noonan: I propose to take Questions Nos. 131 to 133, inclusive, together. As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank, including the appointment of and assignment of staff within the bank. I have no direct function in this regard. The bank has informed me that it is constrained under the provisions of the Data Protection Acts from disclosing...

Written Answers — Tax Collection: Tax Collection (25 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the number of audits carried out in relation to licensed premises in each of the years 2007 to 2011 (to August), and the related yield across all tax heads, business and personal, is as follows: 2007 - 314 - €11.5m [ 210 yielding/67%] 2008 - 327 - €11.5m [ 242 yielding/74%] 2009 ...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: As the Deputy is aware my Department is carrying out an impact assessment of the potential effects of amending, curtailing and/or abolishing property-based "legacy" tax reliefs in line with the commitment in the Programme for Government. The impact assessment process is examining the benefits that may accrue to the Exchequer in terms of additional tax yield as well as consequences for...

Written Answers — Bank Assets: Bank Assets (25 Oct 2011)

Michael Noonan: Part 5 of the Credit Institutions (Stabilisation) Act 2010 ("CIS Act") provides power to the Minister for Finance to transfer assets and/or liabilities of a "relevant institution" i.e., an institution within the scope of the CIS Act to another institution subject to the approval of the Court. Part 5 of the Central Bank and Credit Institutions (Resolution) Act 2011 provides similar powers to...

Written Answers — Tax Collection: Tax Collection (25 Oct 2011)

Michael Noonan: The Universal Social Charge (USC), which came into effect on 1 January 2011, is a tax payable on gross income (after any relief for certain trading losses and capital allowances, but before pension contributions). An individual is liable to pay the USC if his/her gross income exceeds the threshold of €4,004 per annum. USC is not levied on payments from the Department of Social...

Written Answers — Tax Code: Tax Code (25 Oct 2011)

Michael Noonan: As the Deputy will be aware, taxes are considered in the context of the Budget process. It is the usual practice for the Minister for Finance not to speculate in advance of a Budget on what it will contain; and I do not propose to deviate from that practice.

Written Answers — Departmental Expenditure: Departmental Expenditure (25 Oct 2011)

Michael Noonan: The total expenditure in 2010 on ICT including staff costs, support and maintenance services, hardware, software, and external resources including consultancies, contractors and external service-providers was €1,557,473. The cost breakdown was as follows: - Staff Costs €745,075; - Support & Maintenance €164,058; - Hardware €351,520; - Software €62,360; - Contractors & External...

Written Answers — Budget Submissions: Budget Submissions (25 Oct 2011)

Michael Noonan: As the Deputy will be aware, taxes are considered in the context of the Budget process. It is the usual practice for the Minister for Finance not to speculate in advance of a Budget on what it will contain; and I do not propose to deviate from that practice. Question No. 143 withdrawn.

Written Answers — Tax Code: Tax Code (26 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that the available information on the numbers of claimants who received farm consolidation relief from its introduction in 1 July 2005 until the end of 2010 is set out in the following table. Year Numbers receiving farm consolidation relief 2005 (July to December) 2 2006 18 2007 16 2008 30 2009 49 2010 39 The scheme of Stamp Duty relief for...

Written Answers — Tribunals of Inquiry: Tribunals of Inquiry (26 Oct 2011)

Michael Noonan: I am advised by the Revenue Commissioners that, following the publication of the report of the Moriarty Tribunal, a Revenue official was appointed to examine its contents. The officer has examined the Report and there are a number of matters which have been progressed and others which are still under consideration. The Tribunal recommended that the independence of the Revenue Commissioners...

Written Answers — Tax Code: Tax Code (26 Oct 2011)

Michael Noonan: Changes were introduced in Budget and Finance Act 2011 which reduced the lifetime limit of the tax-free retirement lump sum to €200,000 with any excess over this amount subject to tax on a staged basis. The details supplied with the question relate to the future tax treatment of retirement lump sums. It is not customary that I would comment on the detail of any possible tax changes in...

Written Answers — Tax Code: Tax Code (26 Oct 2011)

Michael Noonan: The windfall rate of 80% applies to a disposal of development land which has been the subject of a "relevant planning decision" – that is, a decision by a local authority since 30 October 2009 to rezone the land or a decision by a local authority since 4 February 2010 to materially contravene its development plan. The rate applies to the portion of the gain attributable to the "relevant...

Written Answers — National Asset Management Agency: National Asset Management Agency (26 Oct 2011)

Michael Noonan: In relation to asset transfers, in circumstances where it is obvious that the purpose of an asset transfer, whether to a spouse or otherwise, was a pre-emptive attempt to put assets beyond the reach of NAMA, NAMA has a number of statutory remedies available to it under Irish law. These include the provisions of the Conveyancing Act, the Land and Conveyancing Law Reform Act 2009 and Section...

Written Answers — Personal Debt: Personal Debt (26 Oct 2011)

Michael Noonan: I have been advised by the Central Bank that it is estimated that between 18% and 21% of owner occupier mortgages were first time buyers between 2003 and 2007. The Bank also estimates that a debt write down in the range of 20% to 50% of the outstanding balance on these loans would cost between €6 billion to €16 billion.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (26 Oct 2011)

Michael Noonan: On 25 July 2011, the Minister for Finance announced that a group of investors had committed to buy up to €1.1 billion of the NPRF's shares in Bank of Ireland. This commitment reduced, from €1.9bn to €0.8bn (58% reduction), the potential maximum cost for the State to meet the bank's PCAR equity capital requirement. As a result of investment from other non-government sources, the total...

Written Answers — Pension Provisions: Pension Provisions (26 Oct 2011)

Michael Noonan: I cannot say what the precise impact of the levy will be on individual funds, schemes or members as this depends on whether and to what extent pension fund trustees and Life Offices decide to pass on the levy to individual members, given the particular circumstances of the pension funds or pension plans that they are responsible for. I can say that the Finance (No 2) Act 2011 provisions which...

Written Answers — Personal Debt: Personal Debt (26 Oct 2011)

Michael Noonan: As the Deputy is aware, earlier this year, the Economic Management Council requested an Inter-Departmental Group to consider further necessary actions to alleviate the increasing problem of mortgage over-indebtedness. Following consideration by the Government, the Group's report was published on 12 October and is available on my Department's website. Given the importance of this issue, the...