Results 16,081-16,100 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (1 Jul 2014)

Michael Noonan: I am informed by the Revenue Commissioners that whether or not a capital gains tax charge arises in the State on a gain made by any individual on the disposal of Bank of Ireland shares depends on whether the individual making the disposal is resident or ordinarily resident in the State in the year in which the disposal takes place. If the individual is resident or ordinarily resident in...

Written Answers — Department of Finance: VAT Rate Application (1 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that charitable donations made by text message, excluding any fees charged by the telecommunications provider or other service provider, are outside the scope of Irish VAT.  Any fees charged by the telecommunications service providers in connection with the facilitation of donations are liable to VAT at the standard rate of 23%. The VAT...

Written Answers — Department of Finance: NAMA Accounts (1 Jul 2014)

Michael Noonan: I have been informed by NAMA that National Asset Sarasota LLC (NASLLC) was established by NAMA in August 2013 as a Special Purpose Vehicle in the US to acquire a property asset located in the US, in settlement of debt, owed to NAMA.  Details of NAMA's Group structure including details in respect of NASLLC are disclosed on pages 10 to 12 of the Q4 Report and Accounts. As disclosed in note...

Written Answers — Department of Finance: NAMA Loans Sale (1 Jul 2014)

Michael Noonan: I am advised by NAMA that the sale price for the recent Project Eagle portfolio of assets was agreed in sterling.  NAMA has had foreign exchange hedging in place against these sterling assets since acquisition and, on completion of the sale, this hedging was unwound.

Written Answers — Department of Finance: NAMA Bonds (1 Jul 2014)

Michael Noonan: I am advised by NAMA that its interest expense is detailed in note 6 of its 2013 Annual Report.  It notes that NAMA Group interest on senior debt securities in issue was €126m for the financial year 2013 and that the interest expense on derivatives used to hedge a proportion of the senior bonds in issue was €232m.  NAMA's policy as regards its interest rate...

Written Answers — Department of Finance: Mortgage Applications Numbers (1 Jul 2014)

Michael Noonan: The emerging constraints on housing supply in urban areas have been highlighted in a number of ways. The low level of construction and lack of mobility in the housing market  as well as statistics on the disparity between mortgage approvals and drawdowns combine to illustrate housing market supply issues in urban areas particularly in the Dublin region. My Department monitors...

Written Answers — Department of Finance: European Stability Mechanism (1 Jul 2014)

Michael Noonan: The Euro-area Heads of State or Government (HoSG) agreed in June 2012 that "it is imperative to break the vicious circle between banks and sovereigns", and that when a Single Supervisory Mechanism, involving the ECB, is in place and operational, the European Stability Mechanism  (ESM) could recapitalise banks directly. It also agreed that the Eurogroup would examine the situation of the...

Written Answers — Department of Finance: NAMA Operations (1 Jul 2014)

Michael Noonan: I wish to advise the Deputy that on September 30 2010, my predecessor, announced that the Government had decided, having consulted with the Central Bank, the Financial Regulator, the European Commission and the NAMA Board, that where the total exposure of a debtor is below a €20 million threshold in AIB and Bank of Ireland, that the debtor s loans would not be transferred to...

Written Answers — Department of Finance: Banking Sector (1 Jul 2014)

Michael Noonan: In Autumn 2013, following a review of its operations by the UK Treasury, RBS reaffirmed its commitment to the Irish market.  As part of that process, Treasury officials engaged with officials from my Department. In February 2014, I met with RBS executives to ascertain their outlook for Ulster Bank. RBS is currently reviewing the operations of Ulster Bank in Ireland...

Written Answers — Department of Finance: VAT Rate Application (1 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that decisions can only be made when all relevant information is available and that delays can arise, particularly if information is required from both parties to a taxable transaction, where the transaction is complex in nature and when legal arguments presented by the professional advisers to both parties require careful consideration. I...

Written Answers — Department of Finance: Mortgage Interest Relief Eligibility (1 Jul 2014)

Michael Noonan: I am advised by Revenue that Section 244 of the Taxes Consolidation Act 1997 provides that in order to qualify for mortgage interest relief (MIR), a loan must have been drawn down and used in the purchase, repair or development of an individual's principal private residence on or before 31 December 2012. On this basis any funds drawn down on a date later than 31 December 2012 do not qualify...

Written Answers — Department of Finance: NAMA Property Sales (1 Jul 2014)

Michael Noonan: As Minister for Finance I do not have any function in relation to the publication of the purchase price of residential or other property.  The Deputy will be aware that the Residential Property Price Register, which is published by the Property Services Regulatory Authority (PSRA), , is a public register of all residential properties purchased in Ireland since 1stJanuary 2010.  The...

Written Answers — Department of Finance: NAMA Property Sales (1 Jul 2014)

Michael Noonan: The Deputy will know that NAMA's role in relation to property is, like a bank, that of a secured lender.  The management and sale of property securing NAMA loans are carried out by the owners of that property or, in the case of enforcement, on their behalf by duly appointed receivers.   A person with a concern in relation to the sale of property securing NAMA loans should...

Written Answers — Department of Finance: Central Bank of Ireland Investigations (1 Jul 2014)

Michael Noonan: I am informed by the Central Bank that an extensive investigation into financial irregularities at Bloxham Stockbrokers is ongoing and, once concluded, decisions regarding any possible future enforcement proceedings will be made. I understand that it is the Bank's position that it cannot comment on the specific details of the investigation into affairs at Bloxham under the...

Written Answers — Department of Finance: Health Insurance Cover (1 Jul 2014)

Michael Noonan: Since 16 October 2013, tax relief for medical insurance premiums has been restricted to the first €1,000 per adult and the first €500 per child insured. Any portion of premium paid in excess of these ceilings no longer qualifies for tax relief.  Prior to this, income tax relief for medical insurance premiums was provided at source, at the standard rate of income tax, on the...

Written Answers — Department of Finance: Universal Social Charge Application (1 Jul 2014)

Michael Noonan: The Universal Social Charge (USC) was introduced in Budget 2011 to replace the Income Levy and the 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, and the revenues collected play a vital part in meeting...

Written Answers — Department of Finance: Property Taxation Administration (1 Jul 2014)

Michael Noonan: I am advised by Revenue that the Finance (Local Property Tax) Act 2012 (as amended) sets out how a residential property is to be valued for Local Property Tax (LPT) purposes. Specifically, as LPT is a self-assessed tax it is a matter for the property owner to calculate the tax due based on an assessment of the market value of the property.  Revenue has confirmed to me that it...

Written Answers — Department of Finance: Mortgage Interest Rates (1 Jul 2014)

Michael Noonan: At the outset, 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 and, as such, it is a commercial decision for each lender to decide what interest rates to charge customers. The Central Bank has advised me that they do not publish the information requested...

Written Answers — Department of Finance: Pension Provisions (1 Jul 2014)

Michael Noonan: There are a number of reasons why, under existing policies, pre-retirement access to the main benefits from pension plans or schemes is not permitted, the principal one being that these arrangements (and the associated tax reliefs on contributions and pension fund growth) are designed to be long term savings vehicles based on the principle that the benefits will be "locked away" to help fund...

Written Answers — Department of Finance: Corporation Tax Regime (1 Jul 2014)

Michael Noonan: The tax affairs of a particular company are a matter for the Revenue Commissioners and the company concerned. I am informed by the Revenue Commissioners that their obligation to observe confidentiality in relation to the tax affairs of individual taxpayers or companies (under section 851A of the Taxes Consolidation Act 1997) precludes them from providing the information requested by...