Results 13,861-13,880 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Pension Provisions: Pension Provisions (26 May 2010)

Brian Lenihan Jnr: Tax relief on individual pension contributions is currently allowed at the taxpayer's marginal income tax rate, that is, at the standard or higher rate of income tax as appropriate in each case. Tax relief at 33% would result in a reduction in the tax relief on pension contributions available to higher rate taxpayers and an additional incentive to pension savings for standard rate taxpayers....

Written Answers — Pension Provisions: Pension Provisions (26 May 2010)

Brian Lenihan Jnr: I assume the Deputy is referring to the Standard Fund Threshold in respect of which Budget and Finance Act 2006 introduced a maximum allowable pension fund on retirement for tax purposes. A limit of €5 million was placed on the total capital value of pension benefits that an individual can draw upon in their lifetime from tax-relieved pension arrangements. This is known as the Standard...

Written Answers — Pension Provisions: Pension Provisions (26 May 2010)

Brian Lenihan Jnr: In my 2010 Budget Statement I said that I accepted the Commission on Taxation's recommendation that retirement lump sums below €200,000 should not be taxed. I further indicated that the tax treatment of retirement lump sums above €200,000 would be considered in the Government's National Pensions Framework. This position is reflected on page 41 of the Framework document published in...

Written Answers — Tax Collection: Tax Collection (26 May 2010)

Brian Lenihan Jnr: I have been informed by the Revenue Commissioners that the person in question is a self-assessed individual. To determine their tax liability and avail of the appropriate credits in relation to themselves and their spouse, they should complete and return the Form 11 for the year 2008, which was issued to the taxpayer on 30 November 2008. A copy of the form may be obtained by telephoning the...

Written Answers — National Debt: National Debt (27 May 2010)

Brian Lenihan Jnr: Expenditure on national debt interest amounted to some €1.6 billion in 2007, some €1.5 billion in 2008 and to some €2.5 billion in 2009. In relation to bond maturities in each of the past three years, the position is set out in the table below. Bond Maturities 2007-2009 €m 2007 6,041 2008 31 2009 5,072 Based on the projections for the Exchequer Borrowing Requirement for the...

Written Answers — National Asset Management Agency: National Asset Management Agency (27 May 2010)

Brian Lenihan Jnr: NAMA purchases eligible land and development loans and certain associated loans from participating institutions and manages these loans with the intention of generating the best possible return. NAMA does not directly purchase property or land. I am advised by NAMA that there are no local authority loans due for transfer to NAMA from a participating institution. Furthermore, there is no...

Written Answers — European Council Meetings: European Council Meetings (27 May 2010)

Brian Lenihan Jnr: President Van Rompuy's Task Force met for the first time last Friday. I am the Irish representative on the Task Force. The work of the Task Force has only just begun, but there is a willingness by all to consider ways to strengthen the Stability and Growth Pact, and to put in place an effective crisis management mechanism for dealing with the kind of problems we see today in the euro area....

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: I assume the Deputy is referring to the Standard Fund Threshold in respect of which Budget and Finance Act 2006 introduced a maximum allowable pension fund on retirement for tax purposes. A limit of €5 million was placed on the total capital value of pension benefits that an individual can draw upon in their lifetime from tax-relieved pension arrangements. This is known as the Standard Fund...

Written Answers — Tax Code: Tax Code (27 May 2010)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer from increasing the Capital Acquisitions Tax rate by 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% or 10%, based on the Budget estimate of €240 million for 2010, could be in the region of €9.5 million, €19 million, €29 million, €38 million, €48 million, €58 million, €67 million, €77million,...

Written Answers — Departmental Communications: Departmental Communications (27 May 2010)

Brian Lenihan Jnr: The following tables list the information requested by the Deputy both in relation to my own Department and bodies under the aegis of my Department. Department of Finance Web address and Function Maintenance costs www.finance.gov.ieDepartment of Finance web site €5,800 (exclusive of VAT) for 2009. www.training.gov.ieprovides information in relation to training matters €0 – Hosted...

Written Answers — Financial Institutions Support Scheme: Financial Institutions Support Scheme (27 May 2010)

Brian Lenihan Jnr: As the Deputy will be aware the original Guarantee under the Covered Institutions Financial Support Scheme (CIFS) is due to expire on 29 September. However, a new Guarantee, the eligible Liabilities Guarantee Scheme (ELG) has been introduced. Liabilities guaranteed under ELG are covered up to their maturity date, to a maximum of five years. In addition, customer deposits up to €100,000...

Written Answers — Tax Yield: Tax Yield (27 May 2010)

Brian Lenihan Jnr: It is estimated that the carbon tax, inclusive of VAT, will yield approximately €250 million in 2010. The revenue will, amongst other things, be used to boost energy efficiency, to support rural transport and to alleviate fuel poverty. It is the general practice not to ring-fence revenues for specific purposes but rather take an overall view on priorities in the context of Expenditure...

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: The Deputy is seeking data on pension fund values over a 10 year period. In reply I would say that pension fund values cannot be derived from data on retirement lump sum information available to the Revenue Commissioners as data on lump sum payments made by pension fund administrators are not required to be returned to the Revenue Commissioners. Consequently, there is no data available to...

Written Answers — Tax Code: Tax Code (27 May 2010)

Brian Lenihan Jnr: As the Deputy may be aware, I met with the former British Chancellor of the Exchequer, Alastair Darling, over the course of the last year and discussed a range of financial and budgetary matters with him. I also met the current Chancellor George Osborne at the recent meetings in Brussels regarding the Euro and will continue to meet with him and the other European Finance Ministers at the...

Written Answers — Pension Provisions: Pension Provisions (27 May 2010)

Brian Lenihan Jnr: Benchmarking increases were applied to public service pensioners at the time in the light of general policy of linking post-retirement increases in pensions to pay. The Postal and Telecommunications Services Act 1983 provided for the transfer of certain staff from the former Department of Posts and Telegraphs to An Post. The Act also provides for not less favourable conditions in respect...

Written Answers — Financial Services Regulation: Financial Services Regulation (27 May 2010)

Brian Lenihan Jnr: Any additional bonds regardless of the currency they are issued in would have to be issued by the NTMA and as with all bonds issued by them would add to our General Government debt. In light of the current Government deficit situation, the Deputy's suggestion would not be an appropriate solution for counteracting the risk of rising mortgage interest rates. The Deputy will be aware that in...

Written Answers — Tax Collection: Tax Collection (27 May 2010)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that the procedures in respect of allowances have not been altered in the current year. Self-Assessment applies in the case of this taxpayer and following an audit deductions incorrectly claimed have been withdrawn.

Written Answers — Carbon Levy: Carbon Levy (1 Jun 2010)

Brian Lenihan Jnr: I announced in the Budget that a carbon tax at a rate €15 per tonne would be introduced on fossil fuels. It should be noted that a carbon tax came into effect on 10 December 2009 in respect of petrol and auto-diesel and from 1 May 2010 to kerosene, marked gas oil (also known as 'green diesel' or 'agricultural diesel'), liquid petroleum gas (LPG), fuel oil and natural gas. The application of...

Written Answers — EU Directives: EU Directives (1 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 129 and 138 together. In consultation with the Office of the Attorney General, my Department is currently preparing the draft Statutory Instrument, which will transpose the Consumer Credit Directive into Irish Law. It is intended that the legislation will be finalised by 11th June 2010. The Directive will take effect from that date.

Written Answers — EU Directives: EU Directives (1 Jun 2010)

Brian Lenihan Jnr: I propose to take Questions Nos. 130, 153, 160 and 174 together. The Consumer Credit Directive establishes a harmonised legal framework in the European Union for the provision of consumer credit ranging from €200 up to €75,000. (It does not apply to mortgages). It replaces a 1987 Directive (87/102/EEC), which laid down minimum rules for consumer credit arrangements within the EU. In...