Results 7,441-7,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (8 Nov 2012)

Michael Noonan: The position is that the rates of taxation which would apply in respect of the income of any pensioner, irrespective of their previous employment, is determined by the level of the income they receive, their personal circumstances, and that individual’s entitlements to deductions, credits and reliefs. Income Tax and Universal Social Charge will be deducted at source using the existing...

Written Answers — Department of Finance: Motor Fuels (8 Nov 2012)

Michael Noonan: My understanding of the Deputy’s question is that it envisages a movement away from the current system of marking of oil to which a reduced rate of tax applies to one in which certain users would be given refunds of part of the mineral oil tax paid by them in respect of fuel used for non-auto purposes. The issue of the introduction of a rebate scheme for users of marked gas oil has...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 98, 99 and 101 together. It is estimated that the total number of mortgage interest relief claimants in 2011, the latest year for which information is readily available, is about 488,000, of which some 266,000 are estimated to be first-time buyers. The total cost of mortgage interest relief in 2011 is estimated at €357 million. Given the current...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: In Finance Act 2010, mortgage interest relief was extended up to end of 2017 for those whose entitlement to relief was due to end in 2010 or after (i.e. those whose purchased in 2004 or after). Therefore, tax relief will continue to be available for all tax years up to and including the 2017 tax year in respect of interest paid on qualifying home loans taken out on or after 1 January 2004...

Written Answers — Department of Finance: Mortgage Interest Relief (8 Nov 2012)

Michael Noonan: This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source [TRS] system. Revenue have requested that full details in relation to the person involved, including his pps number, and also details relating to the mortgage loan be provided so that a comprehensive reply to this question can be given. ...

Written Answers — Department of Finance: Departmental Expenditure (8 Nov 2012)

Michael Noonan: Funding requirements for my Department for 2013 have not yet been finalised. We continue to review all cost categories with a view to achieving savings where possible. The Department of Finance has always been a strong adherent to the need for efficiency and has a track record of implementing change and reducing headcount. Some of the initiatives undertaken in this regard are highlighted...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: It should be noted that relief for qualifying dental insurance policies is allowed as part of the general relief for medical insurance since 2004 and is not identified separately for statistical purposes. On that basis, I am informed by the Revenue Commissioners that the cost to the Exchequer of tax relief allowed through the tax relief at source (TRS) system for medical insurance premia in...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: Section 473 of the Taxes Consolidation Act, 1997 provides tax relief at the standard rate to individuals who pay for private rented accommodation that is used as their sole or main residence. The level of rent qualifying for rent relief depends on an individual’s marital status and age. In Budget 2011, it was announced that rent relief was being withdrawn on a phased basis. No new...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: It is assumed that the imposition of a cap of €30,000 would have the effect of withdrawing the tax exemption from all qualifying income in excess of €30,000. The full year yield to the Exchequer, estimated by reference to the tax year 2010, the latest year for which the necessary detailed information is available, is approximately €1.3 million. However, this figure does...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of income tax relief for medical expenses is €127 million in respect of the income tax year 2010, the latest year for which the relevant information is available. On this basis, the full year yield to the Exchequer of abolishing this relief would be of the same order.

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the age exemption limits by €1,000 and €2,000 for single and married respectively would be of the order of €24 million. This figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the bonus or interest payable under a savings arrangement in connection with a certified contractual savings scheme. Any such bonus or interest payable qualifies for exemption from income tax and is also exempt from PRSI and USC. These schemes in general have restrictive conditions and generate very small bonuses or interest payments and as such any...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the estimated full year cost to the Exchequer of income tax relief for expenditure on significant buildings and gardens is €3.9 million in respect of the income tax year 2010, the latest year for which all the relevant information is available. In Finance Act 2010 however, the relief available to passive investors under the scheme was...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the net receipts of tax revenue from income tax, the income levy, health contribution, universal social charge and corporation tax for each of the years from 2007 to 2011 inclusive is as set out in the following table. I would like to make the Deputy aware that Revenue net receipts can differ marginally from Exchequer receipts for reasons of...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €80,000 would be of the order of €34 million, €68 million and €102 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €90,000 would be of the order of €28 million, €56 million and €85 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of PAYE income earners exceeding €100,000 would be of the order of €24 million, €47 million and €71 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2 and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €100,000 would be of the order of €67 million, €134 million and €201 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €120,000 would be of the order of €56 million, €112 million and €168 million respectively. The Universal Social...

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, of a 1, 2, and 3 percentage point increase in the rate of Universal Social charge (USC) applying to the incomes of all income earners exceeding €150,000 would be of the order of €45 million, €90 million and €135 million respectively. The Universal Social...