Results 22,001-22,020 of 32,583 for speaker:Richard Bruton

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: The information I just gave is inaccurate. These are figures for the end of the account, so the €480 figure is for three years rolled up and the €635 figure is for five years rolled up. Therefore, they are smaller concessions than previously indicated. They are very small and are roughly one third of the sum calculated. These are exemptions that were in place for longer-term...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: My understanding is that what has been introduced is PRSI on unearned income but PAYE workers who have money coming from a non-PAYE source that is of an insignificant amount do not pay PRSI on that money. That is the arrangement with the Revenue Commissioners. If a person has unearned income which is a significant source of income and makes a return, then in the normal course, as a...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: The note I have refers to Revenue Commissioner practice. Obviously interest rates are very low at the moment. On €10,000 in an ordinary deposit account for example, one might only earn €100 in interest in a year. Obviously, we will have to get information from the Revenue Commissioners as to the figure they use but they have an arrangement in place whereby if the non-PAYE...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: No. That is the point. It would not be taken out in the case of a PAYE worker. In that case, a PAYE worker is not a chargeable person and will not have a PRSI liability.

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: I thank the Deputies. Let me work backwards. I read out the note, which basically states PRSI will not apply in respect of PAYE and where one's PAYE-related income is insignificant in amount. The measure will apply only where a self-employed person is making a return in respect of which he is obliged to include all his income, which would include interest. He would then be required by the...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: For self-employed people who would be chargeable, PRSI would apply. Let me deal with the point that Deputy Higgins made. There are two categories subject to an exemption, one of which is a three-year deposit account. The first €480 in interest earned on the account per annum is exempt. The other category is a five-year account, in respect of which the exemption limit is...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: There is the man who knows how to calculate the odds. On Deputy Richard Boyd Barrett's point, those who already have the accounts in question will continue to be subject to the exemption. Therefore, if someone has just bought a three-year product, the exemption will apply until the end of the lifetime of that product. The same applies to a five-year product. There will be a deduction...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: I move: (1) THAT section 261A of the Taxes Consolidation Act 1997 (No. 39 of 1997) shall only apply as respects interest paid by a relevant deposit taker in respect of a relevant deposit held in a special term account that is opened before 16 October 2013. (2) THAT section 267C of the Taxes Consolidation Act 1997 (No. 39 of 1997) shall not apply to dividends paid by a credit union in...

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: I presume the reason there is no yield is because it is an anti-evasion measure to avoid people shifting money. In that sense, it is not designed to generate revenue.

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: I beg the Deputy's pardon.

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: The provision for the increase in the deposit interest retention tax to 41% will be contained in the finance Bill. That would be normal. I will confirm the position with PRSI-----

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: I am trying to provide the House with accurate information. The information has been provided already and it is just confirmed by the note to be accurate. That might be reassuring for the Deputy.

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: That is the situation.

Financial Resolutions 2014: No. 7: Income Tax (15 Oct 2013)

Richard Bruton: PRSI is a matter for the Minister for Social Protection who will bring forward legislation shortly to deal with the situation for 2014. It is my understanding that PRSI will be charged on DIRT income that is subject to assessment by the Revenue Commissioners. The income will be included in the tax return of chargeable persons and subject to self assessment. Chargeable persons are...

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: Exactly. It is about choices.

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: The choice today is to allocate the tax relief available for health insurance to those who most need it, and that is the principle being applied. The total cost of this measure represents approximately 4% of total insurance premia. The Revenue Commissioners have estimated that the number of policyholders affected will be approximately 577,000, which is a little over half of all those who...

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: -----would pay a much larger proportion of this measure. This is about allocating the available tax relief for health insurance in the most equitable way-----

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: -----which is what we are seeking to do in this measure. Of course, we would like to be in a position where we would not have to find €2.5 billion in this year's budget but that is where we are, and we all know why that is so. A sum of €94 million is being found in this area. It is important to bear in mind the background to this, and most people have spoken about that....

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: We are trying to make core services universally available on an equitable basis, and this is quite consistent with that goal. Deputy Naughten asked why there is a move to require private patients who are occupying public beds to contribute more to the cost. That is again perfectly equitable and consistent with the policy being pursued; if public beds are designated for use by public...

Financial Resolutions 2014: No. 6: Income Tax (15 Oct 2013)

Richard Bruton: That is the number of people taking insurance.