Results 8,461-8,480 of 9,230 for speaker:Jack Chambers

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: I announced on Budget Day that a new 6% rate of Stamp Duty will be applied to the value of residential property in excess of €1.5 million (so increasing the rate applied to that element of a property's value from 2% to 6%), and that the higher rate of Stamp Duty on bulk acquisitions of houses is to be increased from 10% to 15%. Both of the increased rates apply to all relevant...

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: Section 599 of the Taxes Consolidation Act 1997 (‘TCA 1997’) provides for relief from Capital Gains Tax (‘CGT’) on the disposal of qualifying assets by individuals aged 55 years or more to a child, as defined in the section. Following the enactment of Finance (No.2) Act 2023, where an individual aged 55 to 69 years, inclusive, transfers qualifying assets to a...

Written Answers — Department of Finance: Housing Schemes (8 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 114, 115 and 116 together. In relation to the Deputy's question on increasing the maximum relief available under Help to Buy by increments of €5,000 up to €50,000, I am advised by Revenue that there is no information available to it to provide an estimate of this proposal, as the tax paid by potential future applicants is unknown. In...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Vacant Homes Tax (VHT) is a self-assessed tax, and the number of properties in scope and the amount of tax payable, depend on the returns submitted by property owners, the number of properties declared as liable, and the number of property owners entitled to claim available exemptions from the tax. The first chargeable period for VHT commenced on 1 November 2022 and ended on 31...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, as landlord and tenant status is not captured on the tax return in respect of vendors and purchasers, there is no data from which Revenue can estimate the cost of this proposal.

Written Answers — Department of Finance: Tax Credits (8 Oct 2024)

Jack Chambers: I am advised by Revenue that as the amount of rent tax credit available to a taxpayer is dependent on the rent paid, it is not possible to provide a precise estimate for each €100 increase in the value of the credit. Revenue has provided the data in the table below setting out estimated additional costs associated with a range of potential increases in the value of the credit. It...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers is in the order of €55 million. This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers,...

Written Answers — Department of Finance: Tax Reliefs (8 Oct 2024)

Jack Chambers: The Residential Premises Rental Income Relief (RPRIR) provides relief, at the standard rate, on a portion of a landlord’s residential rental income. The relief is €3,000 in the tax year 2024, €4,000 in the tax year 2025 and €5,000 in the tax years 2026 and 2027, which is equivalent to a tax credit of up to €600, €800 and €1,000 respectively. ...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97B of the Taxes Consolidation Act 1997 which provides a deduction from rental income for expenses incurred by landlords in retrofitting residential rental properties. The deduction was introduced in Finance Bill 2022 to incentivise retrofitting of residential rental properties and to encourage landlords to retain these properties in the rental market. The estimated cost of the...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97A Taxes Consolidation Act 1997, introduced in Finance Act 2017, allows a deduction (capped at €10,000 per premises) from rental income for certain pre-letting expenditure on properties which have been vacant for at least six months and are subsequently let. To qualify, the expenditure must be incurred in the twelve months immediately prior to the letting. Finance Act 2022...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: While most Member states apply the standard rate to construction services, Ireland historically has applied a 13.5% reduced rate of VAT to all construction services (residential and non –residential) under a derogation from the EU VAT Directive. This derogation however has significant restrictions including that the rate cannot be reduced below 12%. Since April 2022, under Annex...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing, rather than to raise revenue. ...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 37, 45 and 48 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive,...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 38, 46 and 49 together. The VAT rating of goods and services is subject to the requirements of EU VAT law, with which Irish VAT law must comply. In general, the EU VAT Directive provides that all goods and services are liable to VAT at the standard rate, unless they fall within categories of goods and services specified in Annex III of the VAT Directive,...

Written Answers — Department of Finance: Tax Credits (9 Oct 2024)

Jack Chambers: The Irish income tax code contains favourable provisions relating to the tax treatment of widowed persons. In the year of bereavement, a widowed person is entitled to the same personal tax credits as a married couple, if they were jointly assessed to tax, and the assessable spouse or nominated partner. If they were not the assessable spouse or nominated civil partner they will receive the...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: I am advised by Revenue that the amounts of tax, broken down by Mineral Oil Tax (MOT) non-carbon component (NCC), MOT carbon component (CC) and VAT, collected in respect of Petrol, Diesel, Kerosene, MGO and Other LPG, for the years 2020 to 2023 and an estimate for the year-to-date September 2024 are shown in the following table. Year Petrol €m Diesel...

Written Answers — Department of Finance: Tax Data (9 Oct 2024)

Jack Chambers: I am advised by Revenue that its Ready Reckoner for calculating the impact of potential changes in rates of taxation can be used to estimate the effect of changes to the carbon tax rate by extrapolating from the information on page 23. The Ready Reckoner is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/ready-reckoner/index.aspx. An...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 42, 43 and 71 together. According to the World Health Organization evidence shows that significantly increasing tobacco excise taxes and prices is the single most effective and cost-effective measure for reducing tobacco use. It is also a measure specifically called for in Article 6 of the WHO Framework Convention on Tobacco Control. Ireland is committed...

Written Answers — Department of Finance: Fiscal Policy (9 Oct 2024)

Jack Chambers: As part of Budget 2025, my Department published a document titled “Use of the Escrow Receipts – A Framework”. The document sets out the following in relation to the framework for the allocation of these windfall receipts. “The ultimate guiding principles should be to continue to expand the capital stock to support competitiveness, productivity and future...

Written Answers — Department of Finance: Tax Code (9 Oct 2024)

Jack Chambers: The Deputy should note while I did give the matter some consideration, no decision was made in Budget 2025 to reduce the VAT rate on bicycles and ebikes. Further consideration can be given to this matter as part of the annual Budget process for Budget 2026. It should be noted that is not possible to treat specific categories of bicycles, such as cargo bikes or electric bikes, separately. ...