Results 8,441-8,460 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 102, 117, 173 and 202 together. In my Budget 2013 speech, I announced that I would make provision in Finance Bill 2013 for persons making Additional Voluntary Contributions (AVCs) used to supplement their main scheme retirement benefits to withdraw up to 30% of the value of those contributions. Any amounts withdrawn will be subject to tax at the...

Written Answers — Department of Finance: Universal Social Charge (16 Jan 2013)

Michael Noonan: The USC was introduced from 1 January 2011 and replaced the Income and Health Levies. The marginal rate for each of these levies was 6% and 5%, respectively, or 11% in total. The marginal rate for the USC was 7%. Taken in isolation the introduction of the USC, therefore, would have had the effect of reducing by 4 percentage points the top marginal tax rates for both PAYE and self-employed...

Written Answers — Department of Finance: Tax Reliefs (16 Jan 2013)

Michael Noonan: In my Budget 2013 speech, I announced that changes to the maximum allowable pension fund at retirement for tax purposes (the Standard Fund Threshold - SFT) and other possible changes to give effect to the commitment in the Programme for Government to cap taxpayers’ subsidies for pension schemes which deliver pension income of more than €60,000 will be put in place in 2014. The...

Written Answers — Department of Finance: Property Taxation (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that it would not be appropriate to give a definitive reply based on the information supplied by the Deputy. Local Property Tax is a self-assessment tax. It is chargeable in respect of a building, or a part of a building that is in use as, or that is suitable for use as, a residence. However, it is not chargeable on the part of a building in...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: The statement referred to in the details supplied by the Deputy relates to the study undertaken by the Department of Social Protection, the Central Bank and the Pensions Board into the level of charges in the pensions industry. The report on this study was published by my colleague, Ms Joan Burton TD, the Minister for Social Protection in late October last. On its publication, Minister Burton...

Written Answers — Department of Finance: Pension Provisions (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the relevant information they have in this area is in respect of the amounts of contributions to various pension arrangements for which income tax and corporation tax relief is claimed and relates to contributions in relation to both the public and private sectors. The information is in respect of contributions to Retirement Annuity Contracts...

Written Answers — Department of Finance: Alcohol Pricing (16 Jan 2013)

Michael Noonan: Because of successive price increases by the trade, the specific rather than ad valorem nature of the duties and the reduction of Alcohol Products Tax rates in Budget 2010, the value of excise duty rates on beer and wine (when measured as a percentage of retail prices) has fallen over the period 2002 to 2012. In this context, prior to Budget 2013 there has been no general increase in the...

Written Answers — Department of Finance: Mortgage Debt (16 Jan 2013)

Michael Noonan: This question relates to the interest restriction applying to residential lettings, whereby the deductibility of interest in computing taxable rental income from residential property (insofar as it would otherwise be allowable) is limited to 75% of such interest. This restriction was introduced in the April 2009 supplementary budget as part of an urgent revenue-raising package aimed at...

Written Answers — Department of Finance: Tax Code (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that the profits and gains arising from stud farms including, for example from the sale of horses and stallion services, are fully chargeable to income tax and corporation tax. I am also advised that profits or gains from the sale of certain stallion services which arose prior to 1 August 2008 were exempt from income tax and corporation tax. However,...

Written Answers — Department of Finance: Property Taxation (16 Jan 2013)

Michael Noonan: In accordance with Section 11 of the Finance (Local Property Tax) Act 2012, local authorities will be liable to pay the Local Property Tax (‘LPT’). I am informed by the Revenue Commissioners that they are liaising with the Department of the Environment, Community and Local Government on the mechanisms by which local authorities will pay the tax due. Local authority owned...

Written Answers — Department of Finance: Credit Unions Regulation (16 Jan 2013)

Michael Noonan: The Credit Union and Co-operation with Overseas Regulators Act 2012 was signed into law by the President on 19 December 2012 and its provisions in relation to restructuring and stabilisation have been commenced. The Act implements over 60 of the recommendations of the Final Report of the Commission on Credit Unions, which was agreed over a nine-month period by all Commission members,...

Written Answers — Department of Finance: Tax Reliefs (16 Jan 2013)

Michael Noonan: I propose to take Questions Nos. 122, 123 and 125 together. Details of all successful applicants under the artists’ exemption scheme, including authors of non-fiction writing, are published on the Revenue Commissioners website at http://www.revenue.ie/en/tax/it/bodies-qualify-for-tax-relie f.html . The list is updated quarterly. The following statistics in relation to the...

Written Answers — Department of Finance: Tax Reliefs (16 Jan 2013)

Michael Noonan: Section 195 of the Taxes Consolidation Act 1997 provides for an exemption from income tax for qualifying artistic works of up to €40,000 per annum. The exemption is subject to the high earners’ restriction, which limits the amount of specified tax reliefs that can be allowed in any one tax year. The guidelines which govern the exemption are drawn up by the Arts Council and the...

Written Answers — Department of Finance: Mortgage Interest Relief (16 Jan 2013)

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. I am informed by Revenue that applicant details are not maintained on a county basis as requested. However, the table below provides the number of applicants that applied for mortgage interest relief on the purchase of homes in...

Written Answers — Department of Finance: Vehicle Registration Numbers (16 Jan 2013)

Michael Noonan: Registration numbers are assigned under section 131(5) of the Finance Act 1992. The registration number assigned at the time of first registration in the State remains assigned to that vehicle and must be displayed at all times until the vehicle is scrapped, destroyed or sent permanently out of the State. I have no plans at present to change the legislation in that regard.

Written Answers — Department of Finance: Vehicle Registration Numbers (16 Jan 2013)

Michael Noonan: I am advised by the Revenue Commissioners that they are planning to review the local authority index mark element of the vehicle registration number format during 2013.

Written Answers — Department of Finance: Betting Legislation (16 Jan 2013)

Michael Noonan: The Finance Act 2011 provides for the taxation of bets that remote bookmakers enter into with persons in the State. This means, for example, that a business which engages in online bookmaking and which accepts bets from people in this country will be liable for betting duty on those bets, irrespective of where that business is based. The existing betting duty (1%) will be applied to such...

Written Answers — Department of Finance: Consumer Protection (16 Jan 2013)

Michael Noonan: I have been advised by the Central Bank that Chapter 10 of the Central Bank’s Consumer Protection Code 2012 outlines the requirements that a regulated entity must adhere to regarding errors and complaints resolution. However, it should be noted that these requirements apply to the regulated activities of regulated firms operating in the State. In the context of an AVC pension fund,...

Written Answers — Department of Finance: Liquor Licensing Laws (16 Jan 2013)

Michael Noonan: I am informed by the Revenue Commissioners that there are a total of three categories of Off Licence, which supermarkets may hold. These categories are “Wine Retailer’s Off Licence”, “Spirit Retailer’s Off Licence” and “Beer Retailer’s Off Licence”. A supermarket may hold a combination of one, two or all three of these licenses. ...

Written Answers — Department of Finance: Carbon Tax (16 Jan 2013)

Michael Noonan: Section 78 Finance Act 2010, which provides for the taxation of solid fuel, does not differentiate between smokeless and non-smokeless coal; the rate of tax applied to solid fuel, including coal, is proportionate to the emissions of carbon dioxide from the combustion of the fuel.