Results 15,321-15,340 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Mortgage Interest Rates (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 90 and 120 together. Firstly, I must confirm to the Deputy that the lending institutions in Ireland -  including those in which the State has a significant shareholding - are independent commercial entities. I have no statutory role in relation to regulated financial institutions passing on the European Central Bank interest rate change or to...

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: In relation to flat rate expenses, the position is that tax law provides that employees and office holders may claim a tax deduction in respect of: (a) the cost of travelling expenses necessarily incurred in the performance of the duties of their employment or office; and (b) the cost of other expenses incurred wholly, exclusively and necessarily in the performance of the duties of their...

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: I am informed by the Revenue Commissioners that full exemption from capital gains tax applies to the sale of an individual's only or main residence where the property has been occupied as such throughout the individual's entire period of ownership. Full exemption is also applicable where the property has been occupied as the individual's only or main residence throughout the entire period of...

Written Answers — Department of Finance: Banking Operations (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 93 and 96 together. As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the banks or their management decisions regarding commercial matters. Bank fees and charges are commercial matters for the banks and are subject to regulation under Section 149 of the Consumer Credit Act 1995,...

Written Answers — Department of Finance: Banking Operations (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 94, 95 and 97 together. I, as Minister for Finance, have no role in the regulation of bank charges.  As the Deputy is aware, bank fees, charges  and commissions are subject to regulation under Section 149 of the Consumer Credit Act 1995, as amended. Section 149 came into effect in 1996.  Section 149 does not apply to interest...

Written Answers — Department of Finance: Tax Collection (30 Apr 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that USC is payable on gross income as follows: - On the first €10,036 @ 2%, - On the next €5,980 @ 4%, - On the balance @ 7%. Where an individual is aged 70 years or over and their aggregate income for the year is €60,000 or less a reduced rate applies.  This reduced rate limits the charge to 4% on all income over...

Written Answers — Department of Finance: Insurance Industry (30 Apr 2014)

Michael Noonan: Under EU law which governs non-life insurance, an insurer is required to inform the regulator in its home Member State (its home regulator) that it intends to pursue business in another Member State. The home regulator must then provide the host regulator with a certificate attesting that the insurer covers the EU Solvency Capital Requirement, as well as the nature of the business which...

Written Answers — Department of Finance: Insurance Industry (30 Apr 2014)

Michael Noonan: Setanta Insurance Company Limited (Setanta) is a Maltese incorporated company subject to prudential supervision in Malta by the Malta Financial Services Authority (MFSA). Its financial position is not supervised by the Central Bank of Ireland and the Central Bank has no role in that regard. The Central Bank have informed me that they have been in discussions with the MFSA in relation to...

Written Answers — Department of Finance: Property Taxation Administration (30 Apr 2014)

Michael Noonan: Revenue has confirmed to me that the person's records were correctly amended on the LPT Register in November 2013 on foot of the Deputy's previous Question. Revenue also confirmed to me that a member of the LPT team has made telephone contact with the person and assured her that her details are correctly recorded and that her affairs are fully in order. The person requested Revenue to...

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: The following arrangements currently apply to retirement lump sums paid under pension arrangements approved by the Revenue Commissioners, and also to retirement lump sums paid from public service occupational pension schemes. - Lump sum amounts up to €200,000 are paid free of tax. They are also paid free of USC. - The portion of a lump sum between €200,001 and 25% of the...

Written Answers — Department of Finance: Central Bank of Ireland (30 Apr 2014)

Michael Noonan: The Central Bank of Ireland is independent in the exercise of its functions and the management of its investment holdings are a matter for the bank themselves; neither I nor the Department of Finance have any role in the matter.  I have been advised by the Central Bank that the portfolio of Government bonds now held by the Central Bank following the liquidation of IBRC...

Written Answers — Department of Finance: Tax Forms (30 Apr 2014)

Michael Noonan: I propose to take Questions Nos. 107 and 108 together. The Form 54 Claims form is a general issue tax return form that incorporates the Form 54D Claim for Repayment of Deposit Interest Retention Tax. As part of their customer service, the Revenue Commissioners issue the claims form 54 to persons who are on Revenue's records as having submitted such a form previously.

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply.  The reduced VAT rate of 13.5% applies to the supply of home heating oil, and gas and electricity in Ireland.  The majority of EU Member States apply a much higher VAT rate to the supply of home heating oil as EU VAT...

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: The USC was introduced in Budget 2011 to replace the Income Levy and Health Levy. It was a necessary measure to widen the tax base, remove poverty traps and raise revenue to reduce the budget deficit. It is a more sustainable charge than those it replaced.  It is applied at a low rate on a wide base.  The USC, like the Income Levy before it, does not apply to social welfare...

Written Answers — Department of Finance: Tax Credits (30 Apr 2014)

Michael Noonan: Finance Act 2003 introduced a 4 year time limit as regards claims for repayment of tax made on or after 1 January 2005.  In addition, the right of the Revenue Commissioners to raise assessments was also reduced to a four-year period except where, for example, a taxable source of income was not declared.  The scheme of 4 year time limits is designed to achieve the necessary...

Written Answers — Department of Finance: Property Taxation Data (30 Apr 2014)

Michael Noonan: As the Deputy will be aware, the Revenue Commissioners have incrementally published data in relation to Local Property Tax and the most recent data published by them shows that about 0.2% of residential properties nationally have been valued for Local Property Tax (LPT) purposes in excess of €1m on a self assessment basis, which equates to approximately 3,500 properties. I am advised...

Written Answers — Department of Finance: Betting Regulations (30 Apr 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the number of betting offices in the State licensed in each of the last five licensing years is - 1263 in 2009; 1240 in 2010; 1175 in 2011; 1101 in 2012; 1017 in 2013. I am further advised that the licensing year runs from the 1st December to the 30th November.

Written Answers — Department of Finance: Tax Code (30 Apr 2014)

Michael Noonan: A UK pension that is similar to a social welfare pension in this State is not liable to USC.  Other than such pensions, however, Irish resident individuals are liable to pay tax, including universal social charge, (USC) on income arising from Irish and foreign sources. In general, therefore, where an Irish resident citizen is in receipt of a pension (other than a social welfare type...

Written Answers — Department of Finance: Tax Credits (30 Apr 2014)

Michael Noonan: I have been advised by the Revenue Commissioners that the person concerned contacted Revenue in March 2011 to claim the one parent family tax credit for 2010.  The claim was processed and a PAYE Balancing Statement (P21) for 2010 issued dated 9 March 2011. The balancing statement included the one parent family tax credit and as a result, the person concerned was entitled to a refund of...

Written Answers — Department of Finance: Banking Operations (30 Apr 2014)

Michael Noonan: Mortgage Indemnity Insurance, also known as Mortgage Indemnity Guarantee, acts as a form of additional security for the mortgage lender in the event of default by the mortgage holder. While either the lender or borrower can be responsible for paying the premia, it is the lender alone who will receive the proceeds of any claim. The borrower will still retain the legal responsibility to pay the...