Results 16,121-16,140 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that they are contacting the taxpayer's employer for the details necessary to carry out reviews. The taxpayer's liability will be reviewed on receipt of the required details and any tax overpaid will be refunded.

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the institution that their policy for encashment of all sterling cheques – pension and non pension - is that a hold is placed on the cheque for 20 working days. The above number of days has been set to ensure there is a fair period where the Bank/customer is protected from 'unpaid' items and that the customer is not inordinately penalised by not having access to the funds...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the individuals in question are a single male and a single female residing at the same address. The position is that there is no provision within the Tax Acts to allow for the transfer of tax credits from one individual to another in these circumstances.

Written Answers — Tax Reliefs: Tax Reliefs (12 Jan 2011)

Brian Lenihan Jnr: Tax relief for Energy Efficiency Measures (REEM) was announced in the Budget and will be introduced in the forthcoming Finance Bill. It is intended that the relief will encourage individuals to invest in a range of works aimed at making their homes more energy efficient. The incentive will complement the grant aid that is available through various schemes currently operated by the Sustainable...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that they met with the taxpayer in question on the 21 December 2010 and that an agreement has been reached to the satisfaction of the taxpayer.

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the tax affairs of any individual/business are a confidential matter between that individual/business and the Revenue Commissioners. Accordingly, no details of compliance with statutory taxation requirements can be supplied to any third party, other than the authorized tax advisor, without the express approval of the individual/business. In...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: The Stamp Duty reforms announced in the Budget have two aims: stimulation of the property market and commencing the necessary infrastructure for the commitment in the National Recovery Plan to introduce a Site Value Tax. As a result of the changes, Stamp Duty at a rate of 1% where the property value is under €1m and 2% on the excess above €1m, will now be payable on all residential...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: Section 83A of the Stamp Duties Consolidation Act 1999 provides for an exemption from Stamp Duty where a parent transfers a site to a child to enable the child construct a dwelling house for use as his or her only or main residence. The value of the site must not exceed €500,000 and the size of the site must not exceed 1 acre (excluding the area of the house). As the Deputy is aware, I...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: As I announced in the recent Budget, the Business Expansion Scheme (BES) will be replaced by the new Employment and Investment Incentive (EII) once the approval of the European Commission has been received. Under the new incentive, the lifetime limit that can be raised by companies will be increased from €2 million to €10 million, and the amount that can be raised in any twelve month...

Written Answers — Banking Charges: Banking Charges (12 Jan 2011)

Brian Lenihan Jnr: I refer the Deputy to my answer to Question No. 59 of 7 December 2010. Fees may be charged to retailers by acquiring banks for the use of debit or credit cards. These charges include fees for items such as terminal rental, customer services and dispute resolution services. They are a function of and are determined by the interchange fees set by the payment card schemes for the participating...

Written Answers — Tax Reliefs: Tax Reliefs (12 Jan 2011)

Brian Lenihan Jnr: For the Deputy's information the person (details supplied) has been in contact with my Department and is being responded to in the normal way. In relation to the second part of the Deputy's question the measures relating to Section 23 relief announced in the Budget were the subject of legal advice.

Written Answers — Banks Recapitalisation: Banks Recapitalisation (12 Jan 2011)

Brian Lenihan Jnr: The table sets out the amount of capital injected by the State into the Irish Banking System to date. The Central Bank has set out the further capital that will be required by AIB, BOI and EBS in order for them to meet a 12% core tier 1 ratio by the end of February 2011 as agreed in the Programme for Financial Support with the IMF, EU and the ECB. Capitalisation of Credit Institutions ...

Written Answers — Departmental Properties: Departmental Properties (12 Jan 2011)

Brian Lenihan Jnr: I propose to take Questions Nos. 257 and 258 together. Government Departments, Offices and Agencies lease premises primarily from the Office of Public Works but also from a range of landlord companies, some of whose loans may have transferred to NAMA. Where a lease has been signed, legally binding contractual obligations clearly come into existence. These obligations cannot unilaterally be...

Written Answers — Tax Collection: Tax Collection (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that Deposit Interest Retention Tax (DIRT) on interest bearing deposits is returned on a twice yearly basis by financial institutions: in October of the tax year in question and the following January. The total value of DIRT due and paid and the total number of DIRT exempt interest bearing accounts is reported to Revenue on the January returns at...

Written Answers — Universal Social Charge: Universal Social Charge (12 Jan 2011)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the costs to the Exchequer, estimated by reference to 2011 incomes, of increasing the proposed thresholds as suggested by the Deputy are set out as follows: · increasing the lower exemption threshold by €100 from €4,004 to €4,104 would cost €0.4 million in 2011 and €0.5 million in a full year. · increasing the middle threshold by...

Written Answers — Universal Social Charge: Universal Social Charge (12 Jan 2011)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the costs to the Exchequer, estimated by reference to 2011 incomes, of reducing the proposed rates as suggested by the Deputy are set out as follows: · reducing the lower USC rate of 2% to 1% would cost €160 million in 2011 and €220 million in a full year. · reducing the 4% rate to 3% would cost would cost €80 million in 2011 and...

Written Answers — Banks Capitalisation: Banks Capitalisation (12 Jan 2011)

Brian Lenihan Jnr: I am advised by the Central Bank that its capital and reserves stand at €1.5 billion (of which €50,790 is subscribed capital, fixed under Section 9 (1) of the Central Bank Act 1942). I am further advised that the Central Bank's total balance sheet stood at €205.45 billion as at 31 December 2010; this is a provisional figure subject to the finalisation of year-end accounts. The Central...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: As the Deputy is aware, I announced in Budget 2011 a major reform of the charge to Stamp Duty on residential property transactions, which applies to all instruments executed on or after 8 December 2010. These changes have simplified the system by lowering the rates applicable and abolishing a number of exemptions and reliefs. The changes in rates are as follows: Stamp Duty rates on...

Written Answers — Pension Provisions: Pension Provisions (12 Jan 2011)

Brian Lenihan Jnr: The vast majority of pension schemes in the Civil and Public Service are Defined Benefit (DB) schemes which are funded by the Exchequer on a 'pay-as-you-go' basis. Unless it is required under the Family Law Acts, pension contributions or accrued pension benefits may not be transferred by a Civil or Public Servant to the private sector. On leaving the Civil or Public Service, accrued...

Written Answers — Property Transfers: Property Transfers (12 Jan 2011)

Brian Lenihan Jnr: I am aware that the Chairman of NAMA has recently outlined a range of measures which the Agency is adopting in its drive to ensure that debtors meet their obligations. In return for NAMA's ongoing support, NAMA requests from Debtors significant lifestyle changes, the reversal of asset transfers and the granting to NAMA of legal charges over unencumbered assets. I am informed that three...