Results 13,221-13,240 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Property Ownership (26 Nov 2013)

Michael Noonan: Ordinarily a transfer of a house from one person to another would be a disposal by the person making the transfer for capital gains tax purposes. Stamp duty would also ordinarily be payable by the person to whom the property is transferred. Depending on the circumstances, it could also be a gift subject to capital acquisitions tax to the person to whom the property is transferred. Again,...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (26 Nov 2013)

Michael Noonan: The position is, as I stated on many occasions in this House, in order to qualify for tax relief in respect of mortgage interest, a loan must have been drawn down and used in the purchase, repair or development of a principal private residence on or before 31 December 2012. This decision was announced in Budget 2011 and introduced in Finance Act 2012. In regard to the specific case...

Written Answers — Department of Finance: NAMA Expenditure (26 Nov 2013)

Michael Noonan: Set out below, in tabular form, is a breakdown of professional fees paid to the identified firms for each of the years, 2010, 2011 and 2012 for valuation, audit, legal and other services provided to NAMA in the context of its management of loans with an original par value of €74bn. Supplier 2010 2011 2012 Deloitte & Touche 2,053,267 2,706,714 1,630,170 Ernst &...

Written Answers — Department of Finance: Tax Credits (26 Nov 2013)

Michael Noonan: I am informed by the Revenue Commissioners that the one parent family tax credit was withdrawn from the person in question on receipt of specific information provided to the Revenue District by the taxpayer and his partner. The entitlement of individuals to the range of tax credits are set out on www.revenue.ie. The Revenue Commissioners have in place a range of measures to ensure that...

Written Answers — Department of Finance: EU-IMF Programme of Support (26 Nov 2013)

Michael Noonan: Based on the current lending maturities of Ireland’s EFSM loans, the NTMA has calculated that Ireland will have repaid 75% of peak EU (EFSF & EFSM) and bilateral loans combined by the third quarter of 2032. This timeframe does not take into account the effect of the maturity extension of the EFSM loans, which will not be known until the existing loans mature. It is therefore,...

Written Answers — Department of Finance: Property Taxation Assessments (26 Nov 2013)

Michael Noonan: I am informed by Revenue that a key aspect of the work undertaken in connection with the administration of Local Property Tax (LPT) has been the development of a register of residential properties in the State. The development of the Property Register required Revenue to extract and consolidate data from multiple Government and non-Government sources. During this process duplicate records...

Written Answers — Department of Finance: Property Taxation Data (26 Nov 2013)

Michael Noonan: The Deputy will be aware that a key aspect of the work undertaken by Revenue was the development of a comprehensive Register of residential properties in the State. The Register was developed using data drawn from a range of sources including Revenue’s own databases, the Local Government Management Agency (LGMA) database and data from utility companies. I am advised by Revenue that...

Written Answers — Department of Finance: Tax Reliefs Eligibility (26 Nov 2013)

Michael Noonan: As the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme will run from 25 October 2013 to 31 December 2015 and provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. I can confirm that landscaping works will be...

Written Answers — Department of Finance: Tax Reliefs Abolition (26 Nov 2013)

Michael Noonan: As the Deputy will be aware, virtually all of the area-based and property tax incentive schemes have now ended. Finance Act 2012 provides that Investors in accelerated capital allowance schemes will no longer be able to use any capital allowances beyond the tax life of the particular scheme where that tax life ends after 1 January 2015. Where the tax life of a scheme has ended before 1...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I move amendment No. 5: In page 8, line 22, to delete “section 598A.”.” and substitute the following:“section 598A. (11) Subsection (9) shall not apply to a loan made after 15 October 2013 which is applied in paying off another loan to an individual used to defray money applied under paragraph (a), (b) or (c) of subsection (1), provided-- (a) the loan does not...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The Deputy's amendments have been ruled out of order and I do not have the decision on what is in or out of order. That is in line with the rules of debate for finance Bills and that has been the position for as long as I have been here and longer. Even if the Deputy's amendments were in order I could not accept them. The time period proposed in the Finance Bill to phase out the relief is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: Are the amendments in order or are they not? They are not.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: According to the Revenue Commissioners' annual report on the restriction for the tax year 2011, 29 individuals who availed of this relief were affected by the restriction. The amount of relief used by these individuals was €314,426; in 2010, 38 individuals were affected, using €764,550. It is a judgment as to what additional imposition can be placed on individuals. The most...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: The Revenue Commissioners' annual report for 2011 indicates that 29 individuals were affected.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: There is a higher earner restriction on this as well, so the maximum relief that can be claimed is €80,000. We are not making it easier for these people. We are abolishing an allowance which they have. That is the purpose of this measure. The Deputy is twisting it around as if we were giving some kind of new relief to these people but we are not, we are abolishing it for the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: In phasing out schemes such as this, we looked at similar decisions made in the past. In particular, we looked at company law. A phase-out period would be quite normal when credits such as this are being abolished. Because it is partnerships and companies, there is a question of the jobs of employees in companies. If one moves too quickly and affects the profitability of companies, then...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: If partners who were availing of this were in a position to re-finance at lower cost, the amount of tax they pay will go down as well. The amendment would benefit rather than cost the Exchequer.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: In general, ex gratia payments solely. It would not apply to the lump sums on a defined benefit scheme such as those public servants and others would have.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: One may get the occasional situation other than in the private sector where a settlement would involve an ex gratia payment but, generally, it applies to the private sector.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael Noonan: I move amendment No. 6: In page 9, to delete lines 10 and 11 and substitute the following:" 'qualifying contractor' means a contractor who—(a) complies with the obligations referred to in section 530G or 530H, as the case may be, or (b) in the case of a contractor who is not a subcontractor to whom Chapter 2 of Part 18 applies, complies with the obligations referred to in paragraph...