Results 10,061-10,080 of 16,537 for speaker:Brian Lenihan Jnr

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: With regard to Deputy Bruton's amendment, the deferral arrangements for annuity purchase, which I introduced late last year, are by definition temporary and can be revisited as necessary. The amendment was proposed on Committee Stage and I explained that the rules relating to the requirement for members of a defined contribution scheme to purchase annuities with their pension funds on...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: I understand the intention behind the amendment is to delay the introduction of the margin scheme for travel agents for a further two years until 1 January 2012. The margin scheme is provided for in the EU VAT directive and is currently applied in almost all member states. To date, the services provided by our tour operators and travel agents have been exempt from VAT in Ireland. Under the...

Written Answers — Tax Code: Tax Code (27 May 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the original deed was presented on the 18th April 2008 and the transferee applied for young trained farmer relief. The relief was not granted, as all the transferees in the transaction were not qualified in accordance with the requirements of Sect 81AA Stamp Duty Consolidation Act 1999. The evidence provided by the solicitor did not meet...

Written Answers — Tax Code: Tax Code (27 May 2009)

Brian Lenihan Jnr: For the purposes of this reply it is assumed that "recipients" means the investors availing of the tax relief and that "beneficiaries" means the companies benefiting from the investments. On this basis, I am advised by the Revenue Commissioners that the relevant information is contained in the following tables: Investors availing of Tax Relief Year Cost of the Relief€m Number of...

Written Answers — Tax Code: Tax Code (27 May 2009)

Brian Lenihan Jnr: For the purposes of this reply it is assumed that "recipients" means the investors availing of the tax relief and that "beneficiaries" means the companies benefiting from the investments. On this basis I am advised by the Revenue Commissioners that the relevant information is contained in the following tables: Investors availing of tax relief Year Cost of tax relief€m Number of...

Written Answers — Tax Code: Tax Code (27 May 2009)

Brian Lenihan Jnr: The position is that these payments are not chargeable as income of the guardian who is in receipt of the allowance. Guardian's Payment (Contributory) and Guardian's Payment (Non-contributory) are regarded as the income of the children. However, if these payments are their sole source of income the children would not have a tax liability.

Written Answers — Tax Code: Tax Code (27 May 2009)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that an insurance company normally covers a customer only for the actual loss incurred when damage is caused to the customer's property. Where the insured customer is a VAT-registered business it is usually entitled to an input credit for any value-added tax charged on the repairs to, or the replacement of, an asset used in the business. Therefore,...

Written Answers — Departmental Schemes: Departmental Schemes (28 May 2009)

Brian Lenihan Jnr: Legislation was introduced in the Finance (No. 2) Act 2008 which allows an employer to incur the expense of providing an employee with a new bicycle. The scheme also applies to safety equipment relating to cycling without the employee being liable for benefit-in-kind taxation. The legislation also permits the benefit-in-kind tax exemption to apply in the context of salary sacrifice, that...

Written Answers — Pensions Provisions: Pensions Provisions (28 May 2009)

Brian Lenihan Jnr: Qualifying public servants are liable to pay the pension-related deduction whether they are permanent or temporary, and whether they are full-time or part-time. Section 2, subsection (1) of the Financial Emergency Measures in the Public Interest Act 2009 sets out the basis of qualification for liability to the deduction. I should point out that the amended rates and bands, effective from...

Seanad: Finance Bill 2009 (Certified Money Bill): Second Stage (28 May 2009)

Brian Lenihan Jnr: This Finance Bill gives effect to the supplementary budget measures and addresses the two important requirements of showing a credible way forward on our structural problems while assisting us in placing the economy on the road to renewal. We must demonstrate that we have the ability to make the right choices for everyone in this country, choices that will determine our long-term economic...

Seanad: Finance Bill 2009 (Certified Money Bill): Second Stage (28 May 2009)

Brian Lenihan Jnr: I thank Senators for their comments and I will try to address each of them as best I can. I will begin by pointing out, in response to Senator Twomey, that the supplementary budget marked a new departure in budget formulation in Ireland. For the first time, detailed multi-annual plans were contained in the budgetary projections. Targets have been set for adjustments to taxation and...

Leaders' Questions (9 Jun 2009)

Brian Lenihan Jnr: Páipéar.

Written Answers — Insurance Industry: Insurance Industry (9 Jun 2009)

Brian Lenihan Jnr: The Financial Regulator has informed me that following its failure in 1983, PMPA was renamed Primor plc. The principal activity of Primor plc (Under Administration) is the settlement of outstanding claims liabilities of the company. The company ceased its principal business of insurance underwriting in July 1989. I have been informed that the firm is at an advanced stage of run-off.

Written Answers — Tax Collection: Tax Collection (9 Jun 2009)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that in general a tax refund claim, which is outside the four year limit provided for under Section 865 of the Taxes Consolidation Act, 1997 cannot be allowed. However, in the case referred to there is a possibility that a claim was made to the Commissioners within the statutory time limit. Unfortunately an examination of the relevant data from the...

Written Answers — Tax Code: Tax Code (9 Jun 2009)

Brian Lenihan Jnr: The composite annual rates of income levy for the year 2009 ensure that all income earned in the year is, and all taxpayers (both PAYE taxpayers and the self employed) are, treated in the same way. These annual composite rates are complemented by two sets of payroll deduction rates requiring employers to deduct levy from payroll payments at the rates of 1%, 2% and 3% up to end April 2009 and...

Written Answers — Pension Levy: Pension Levy (9 Jun 2009)

Brian Lenihan Jnr: I undertook during the Dáil debate on the pension-related deduction to have the situation of this group of workers examined to see if there are exceptional circumstances in their case. That examination is in progress. In the recent Supplementary Budget, I announced a change to the structure of the deduction which will exempt the first 15,000 euro of earnings. This should benefit the group...

Written Answers — Departmental Expenditure: Departmental Expenditure (9 Jun 2009)

Brian Lenihan Jnr: My Department paid bank charges of €5,195 in the period 1st May 2006 to 30th April 2009 in respect of public bank accounts which are maintained to facilitate the making of electronic payments. This figure is broken down as follows - bank service charges of €2,870 and bank transaction charges of €2,325. The bank account used at present is interest bearing and interest of €7,147 was...

Written Answers — State Banking Sector: State Banking Sector (9 Jun 2009)

Brian Lenihan Jnr: The indemnity now granted to Directors under Anglo's revised Articles of Association is standard, and similar provisions are used in the articles of association of many companies. Also, while certain limitations on indemnification are imposed by Section 200(1) of the Companies Acts, which was disapplied by the Anglo Irish Bank Act 2009, Anglo's revised Articles of Association provide that I,...

Written Answers — State Banking Sector: State Banking Sector (9 Jun 2009)

Brian Lenihan Jnr: As the Deputy will be aware, it was announced on 29 May that the Government had decided, subject to EU approval, to provide up to €4bn in capital to Anglo Irish Bank. This decision was taken in a context of disappointing six-month financial results for Anglo, reflecting a marked deterioration in asset quality at the bank. The injection of up to €4bn is necessary to ensure Anglo can meet...

Written Answers — Tax Collection: Tax Collection (9 Jun 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that while returns of income for 2006 and 2007 have been submitted by the person concerned the documentation submitted is not sufficient to support the refund claims. Additional information was requested on 11 May 2009 and has not been received to date. A reminder issued on 28 May 2009.