Results 21-40 of 65 for prsa speaker:Michael Noonan

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Written Answers — Department of Finance: Tax Yield (27 Mar 2014)

Michael Noonan: ...off basis, up to 30% of the accumulated value of Additional Voluntary Contributions (AVCs). This provision includes additional voluntary contributions made to Personal Retirement Savings Accounts (PRSAs). Administrators of AVC funds (including PRSA administrators) are required to provide, within 15 working days of the end of each quarter, commencing with the quarter ending on 30 June...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: I move amendment No. 59:In page 23, to delete line 9 and substitute the following:"of 'vested PRSA' in section 790D(1), (bc) the relevant pension arrangement becomes a vested RAC within the meaning of section 787O(1),",".

Written Answers — Pension Provisions: Pension Provisions (21 Mar 2012)

Michael Noonan: I understand that the question relates to the transfer of Irish pension funds abroad. The transfer of an occupational pension scheme member's pension fund benefits or a PRSA contributor's PRSA assets to an overseas arrangement is permitted subject to the transfer complying with the Department of Social Protection's "Occupational Pension Schemes and Personal Retirement Savings Accounts...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: ...relation to an AVC fund, means the person or persons having the management of the scheme to which the relevant AVC contributions comprising the AVC fund have been made or, as the case may be, the PRSA administrator;".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2013: Committee Stage (6 Mar 2013)

Michael Noonan: I move amendment No. 35: In page 29, subsection (6), between lines 4 and 5, to insert the following:"(c) For the purposes of giving effect to paragraph (b)(ii)(II), where more than one vested PRSA has a ring-fenced amount the individual shall determine how much of each ring-fenced amount shall become a non ring-fenced amount.".

Written Answers — Department of Finance: Pensions Legislation (17 Nov 2016)

Michael Noonan: ...superannuation schemes, per se, they are outside the scope of the treaty other than where they fall within the "insurance company" element referred to above. As regards Personal Retirement Savings Accounts (PRSAs), the 2016 Finance Bill contains provisions to stop PRSAs being used for tax avoidance purposes. The avoidance concerned involved benefits never being taken from a PRSA so...

Written Answers — Department of Finance: Tax Yield (18 Nov 2014)

Michael Noonan: I assume the Deputy is referring to the annual rate of imputed distribution applying to Approved Retirement Funds (ARFs) and vested PRSAs which is being reduced next year from 5% to 4% of the value of the assets in the ARF/vested PRSA where the value is €2 million or less and the owner is not aged 70 years or over for the whole of a tax year. Where the owner is aged 70 or over for the...

Written Answers — Department of Finance: Tax Code (4 Feb 2015)

Michael Noonan: ...of Irish tax legislation may fall foul of the conditions under which the pension scheme was approved by the Revenue Commissioners as an exempt approved scheme or the conditions under which a PRSA product received Revenue approval.  This could result in the withdrawal of the approval of an occupational pension scheme in accordance with the provisions of section 772(5) of the Taxes...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Michael Noonan: ...going forward is to stop this tax planning in its tracks and to make sure it would be financially irrational for an individual to allow a situation to arise where he or she does not vest his or her PRSA or RAC on or before his or her 75th birthday. If he or she does this in the future, he or she will not be able to access the benefits but will be taxed on them nonetheless. For...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: ...contracts, RACs, by professional sportspeople from a later reduction in income arising from a claim under this relief. However, this is not the case for personal retirement savings accounts, PRSAs. As a result, a sportsperson who takes out a PRSA could be disadvantaged over a sportsperson who takes out a retirement annuity contract. The amendment provides that PRSAs are afforded equal...

Written Answers — Tax Collection: Tax Collection (16 Jun 2011)

Michael Noonan: ...On the question of the transfer of pension funds abroad generally, provision does exist in Irish legislation for the transfer of an occupational pension scheme member's pension fund benefits or a PRSA contributor's PRSA assets to an overseas arrangement. Such transfers are, however, subject to all of the relevant conditions being met. In that regard, such transfers have, in the first...

Written Answers — Department of Finance: Revenue Commissioners Investigations (24 Nov 2016)

Michael Noonan: ...pension tax legislation may fall foul of the conditions under which a pension scheme was approved by Revenue as an exempt approved scheme or the conditions under which a Personal Retirement Savings Account (PRSA) product received Revenue approval. Pension tax legislation does not provide for any penalties for non-compliance in this area. The sanction available is the withdrawal of the...

Other Questions: Pensions Legislation (8 Apr 2014)

Michael Noonan: ...draw down, on a once-off basis, up to 30% of the accumulated value of AVCs. The provisions also apply to AVCs made to personal retirement savings accounts. Administrators of AVC funds, including PRSA administrators, are required to provide within 15 working days of the end of each quarter, commencing with the quarter ending on 30 June 2013, certain statistical information to the Revenue...

Written Answers — Pension Provisions: Pension Provisions (27 Mar 2012)

Michael Noonan: I propose to take Questions Nos. 134 to 136, inclusive, together. The transfer of an occupational pension scheme member's pension fund benefits or a Personal Retirement Savings Account (PRSA) contributor's PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Department of Social Protection's "Occupational Pension Schemes and Personal...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: ...the Finance Bill debate on Second Stage. During that debate, he highlighted the differential treatment afforded to employer contributions to trust-based occupational pension schemes as compared to PRSAs, in so far as the operation of the annual limits on employee tax-relieved pension contributions are concerned. Basically, the amount of tax-relieved contributions which an individual or an...

Written Answers — Department of Finance: Stamp Duty (24 May 2016)

Michael Noonan: ...from the e-stamping system, to populate these registers. The e-stamping system is in operation since 30 December 2009. There is currently no legal basis which would enable Revenue to supply to the PRSA any detailed data which is not captured by the e-stamping system without potentially infringing taxpayer confidentiality. I understand from Revenue that the data held prior to 2010 is also...

Written Answers — Tax Code: Tax Code (30 Jun 2011)

Michael Noonan: ...limited to, the following areas: ·Low paid income earners; ·Persons over 65; ·Medical Card Holders; ·Widows/Widowers; ·Self-employed; · Public Service Pensioners; ·Employer contribution to PRSA; and ·Any other issues (including any operational issues that have arisen in the administration of the charge). When the review is completed and the findings are presented to me, I will make...

Written Answers — Department of Finance: Pension Provisions (9 Jul 2013)

Michael Noonan: ...pension schemes with a three-year window of opportunity to draw down, on a once-off basis, up to 30% of the accumulated value of certain AVCs made by them, including additional voluntary PRSA contributions made to AVC PRSAs. This is a restricted measure which enables rather than incentivises individuals to access part of their pension savings beyond their regular or compulsory pension...

Written Answers — Department of Finance: Pension Provisions (26 Sep 2013)

Michael Noonan: ...pension schemes with a three-year window of opportunity to draw down, on a once-off basis, up to 30% of the accumulated value of certain AVCs made by them, including additional voluntary PRSA contributions made to AVC PRSAs. This is a restricted measure which enables rather than incentivises individuals to access part of their pension savings beyond their regular or compulsory pension...

Written Answers — Department of Finance: Pension Provisions (5 Mar 2015)

Michael Noonan: ...may fall foul of the conditions under which a pension scheme was approved by the Revenue Commissioners as an exempt approved scheme or the conditions under which a Personal Retirement Savings Account (PRSA) product received Revenue approval.  This could result in the withdrawal of the approval of an occupational pension scheme in accordance with the provisions of section 772(5) of the...