Results 22,661-22,680 of 27,945 for speaker:Michael McGrath

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I thank the Minister for his reply and recognise the good reasons he needs to restrict this type of access to pensions. However, he tweaked the access to AVCs without the need for changes to be made to pension scheme rules or trust deeds. Is that change acting as an obstacle to persons wishing to access their AVCs? Is there an uplift in the level of activity in this area? On current...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I move amendment No. 52: In page 28, between lines 27 and 28, to insert the following:“(2) (a) The qualifying criteria for early access to pension benefits as outlined in the Finance Act 2013 shall be increased to include those in defined contribution schemes (including personal retirement savings accounts) subject to certain qualifying conditions. (b) The person making the application...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: Is that a tax take of €39.4 million?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: Does the Minister have figures for the annual cost of health expenses relief claimed under the MED 1 form? I would welcome a breakdown of the figures also.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: Was the relief reduced to the standard rate in 2011?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: Perhaps the Minister could advise me, through his officials, whether there is any other area of expenditure within what is allowable for health expenses by way of tax relief where one can self-refer. One can refer oneself to a GP, presumably for good reason. Are there other services for which one can self-refer and subsequently receive tax relief on such expenditure?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: How extensive a programme of physiotherapy could a GP recommend on the basis of one consultation? Could he or she sign off on six months of physiotherapy and then a claimant could get tax relief on that?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I wish to ask the Minister a general question on the policy of taxing social welfare benefits. Incrementally, over time more welfare benefits have become subject to income tax. In recent years the Revenue Commissioners began to talk properly to the Department of Social Protection on the taxation of the State pension and private pensions. Is it policy to move to a point where everything bar...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: Yes, generally. I refer to the principle of taxing welfare benefits.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: That is established that they are both taxable.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: There are not many. I thank the Minister.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I thank the Minister for his response, which has been comprehensive. He was correct to state that health insurance is quite inelastic. I would submit that the main reason is that people are afraid of relinquishing their health insurance because they hear the horror stories about the public health system, which works very well for many people. In many cases people are afraid to rely on it,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: The key issue here is the impact this will have on policyholders. On budget day, the Minister characterised the change as one that would affect so-called gold-plated policies, but even he would acknowledge at this stage that this was not a fair characterisation. The Department estimates that over 50% of policies will be affected by this change and the industry estimates a much higher...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I am speaking to amendments Nos. 38 to 42, inclusive, which includes my amendment No. 41. As the Minister knows, we live in an imperfect world. Relationships break down, whether inside or outside marriage, and sometimes children are involved. It is no surprise this provision has attracted the most attention and criticism. Any reasonable analysis of it would conclude that its effect is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I move amendment No. 32: In page 16, line 21, to delete “15 months” and substitute “12 months”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: In regard to amendment No. 32, I thank the Minister for accepting my suggested amendment. It is a sensible change. The initiative is worth a try and I am happy to support the amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: On that basis, I am happy to withdraw my amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: The Minister's amendment is an improvement on what is contained in the Bill. He now proposes to reduce the threshold to €5,000, inclusive of VAT. One of the purposes of the scheme is to redirect activity away from the black economy to the mainstream economy. Much of the work will be labour intensive. If a significant element of the cost involves materials, the VAT issue will be of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: I move amendment No. 10: In page 10, to delete lines 39 to 42, and in page 11, to delete lines 1 and 2 and substitute the following:“(i) in the year in which the qualifying work was carried out by an amount which is the lesser of—(I) the specified amount of the payment or payments, and (II) the amount which reduces the income tax of that year of assessment to nil,”.This...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (26 Nov 2013)

Michael McGrath: It could be worth more to somebody who is on the lower rate band if it is spread out over the two years, as opposed to one year.