Results 8,481-8,500 of 9,274 for speaker:Jack Chambers

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

Jack Chambers: I propose to take Questions Nos. 51 to 61, inclusive, together. I am advised by Revenue that all estimates are made on a pre-Budget 2025 basis, as the measures outlined by the Deputy pertain to the Income Tax and USC package outlined in Budget 2025. The Deputy will wish to be aware that the estimated number of taxpayer units benefitting from a measure, as well as the estimated tax cost, as...

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

Jack Chambers: In my Budget 2025 address, I announced an extension of Mortgage Interest Tax Relief for one further year to the 2024 year of assessment. For 2024, relief at the standard rate of income tax will apply in respect of the increase in interest paid in 2024 over interest paid in 2022. All other conditions pertaining to the relief remain unchanged. The relief will be capped at €1,250 per...

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

Jack Chambers: As I announced in my Budget 2025 speech, as part of a substantial personal income tax package I am increasing the ceiling of the second rate of USC, the 2 per cent rate, to take account of the increase in the National Minimum Wage, which is increasing by €0.80 per hour, from €12.70 per hour to €13.50 per hour, with effect from 1 January 2025. The ceiling of the 2 per cent...

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

Jack Chambers: The Standard Fund Threshold (SFT) is the maximum allowable pension fund on retirement for tax purposes which was introduced in Budget and Finance Act 2006 to prevent over-funding of pensions through tax-relieved arrangements. I am informed by Revenue that they are unable provide a costing for changes to the SFT. Information on the numbers and values of individual pension funds or on...

Written Answers — Department of Finance: Tax Data (9 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. As the Deputy will be aware, the VHT is charged as a multiple of the Local Property...

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

Jack Chambers: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. For 2022 and 2023, the maximum estimated cost of the RTC was €200 million, based on the value of the RTC being €500 for a single person...

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

Jack Chambers: It is understood that the Deputy is referring to the additional tax revenues anticipated to arise from enhanced Revenue compliance activities during 2023 and 2024, as set out in the ‘Budget 2023 – Tax Policy Changes’ and ‘Budget 2024 – Tax Policy Changes’ documents, both published on those year’s respective Budget Days. I am advised by Revenue...

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

Jack Chambers: It is assumed that the Deputy is referring to the Research and Development (R&D) tax credit under section 766C of the Taxes Consolidation Act 1997, specifically, accelerating the second and third instalments of the tax credit for small companies incurring expenditure on qualifying research and development activities. The R&D Tax Credit is an important feature of the Irish...

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

Jack Chambers: I assume the Deputy envisages that the removal of credits will apply to the personal tax credit, PAYE tax credit and the earned income tax credit, and that the credits will be removed in a tapered way, rather than a complete withdrawal of credits when income exceeds €100,000. Revenue have advised that they are providing their estimates on the basis that these credits would be tapered...

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

Jack Chambers: I am advised by Revenue that, as details of share buybacks are not reported on tax returns, there is no available data on Revenue records upon which to base an accurate estimate of the potential savings raised by extending the 1% rate of Stamp Duty to all forms of share buybacks. I would also refer the Deputy to the answer given to his PQ 31960/24, answered on 23 July this year. The...

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

Jack Chambers: I propose to take Questions Nos. 74 and 75 together. I am advised by Revenue that the estimated reduction in the cost of the Help to Buy scheme that would be achieved by implementing the proposals outlined by the Deputy are outlined in the below table. These estimates are based on claims approved in 2023. The total cost of approved claims in 2023 was €185m. Proposal ...

Written Answers — Department of Finance: Tax Code (9 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. Relief for...

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

Jack Chambers: Residential Zoned Land Tax (RZLT) applies to land zoned for residential development, which also has the necessary services in place for the development of housing. The aim of this tax is to increase the supply of land for building. It will be charged at 3% of the market value of the land every year. The tax will be due and payable from 2025 onwards in respect of land which fell within the...

Written Answers — Department of Finance: Financial Services (10 Oct 2024)

Jack Chambers: I note the Deputy's query regarding individual savings accounts available in the United Kingdom. With regard to individual savings accounts, it will be of interest to the Deputy that my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ last year. A draft...

Written Answers — Department of Finance: Tax Code (10 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 148 and 149 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, in...

Written Answers — Department of Finance: Tax Code (10 Oct 2024)

Jack Chambers: The Budget 2025 tax revenue projections incorporate a net negative €2 billion impact from both pillars from 2026 on. As the Deputy will be aware, work is still ongoing on the finalisation of Pillar 1 of the agreement and so the forecasts presented at Budget time are unchanged from previous forecasts. The situation will be monitored by my Department and the estimate revised once...

Written Answers — Department of Finance: Prize Bonds (10 Oct 2024)

Jack Chambers: The National Treasury Management Agency (NTMA) has informed me that they appreciate the desire to invest in State Savings products, including Prize Bonds. All such products are tax free, including at encashment. The NTMA advises that the present limits are already of a significant size for an individual as part of a savings portfolio, and it would be difficult to allow different limits for...

Written Answers — Department of Finance: Departmental Reviews (10 Oct 2024)

Jack Chambers: My Department has not carried out a capacity review in the last ten years. I would however mention an independent review of the Department’s performance that was carried out in 2010. The review examined the performance of the Department of Finance over the previous ten years. The conclusions of the review were published in a report entitled “Strengthening the Capacity of the...