Results 2,281-2,300 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: I propose to take Questions Nos. 179 and 181 together. I have been informed by the FSPO that it reports to the CCPC on all complaints that it receives. The term “resolved” is not defined in the legislation to which the Deputy refers. Complaints are closed within the FSPO for a number of reasons, including that they are outside of the FSPO’s jurisdiction, because the...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: The statistic quoted by the Deputy is drawn from when a complaint was first received. The large majority of all complaints (over 80%) resolved in the FSPO are resolved within 12 months, mainly during the Registration, Assessment and Dispute Resolution (mediation) processes. However a minority of complaints are referred for a formal jurisdictional review, or for formal investigation and...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: The FSPO Alternative Dispute Resolution (ADR) Annual Activity Report 2021 reported that the FSPO “received 4,658 complaints and successfully closed 5,010 complaints including 130 (2.6%) found to be ineligible”. The FSPO’s Overview of Complaints 2021 reported that “A total of 4,658 complaints were received by the office in 2021. When 130 complaints later found to...

Written Answers — Department of Finance: Financial Services (26 Sep 2023)

Michael McGrath: I have been informed by the FSPO that when a complaint is received by the FSPO, the Registry and Assessment team of the Customer Operations and Information Management (COIM) directorate reviews and assesses it. This initial assessment provides an opportunity for the FSPO to determine if the complainant has provided all the necessary eligibility information to progress the complaint...

Written Answers — Department of Finance: Tax Code (26 Sep 2023)

Michael McGrath: As the Deputy is aware, Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A...

Written Answers — Department of Finance: Semi-State Bodies (26 Sep 2023)

Michael McGrath: Remuneration, including discretionary performance related payments, are matters for the Board of Strategic Banking Corporation of Ireland (SBCI) in accordance with its commercial mandate. The SBCI advise that discretionary performance related payments are intended to reward exceptional performance, having regard to the individual’s own performance and the overall performance of the...

Written Answers — Department of Finance: Tax Rebates (26 Sep 2023)

Michael McGrath: In general, capital gains tax (CGT) is chargeable on a gain arising on the disposal of an asset, including agricultural land, at the rate of 33%. The first €1,270 of chargeable gains of an individual in any year are exempt from CGT. Section 604B of the Taxes Consolidation Act 1997 provides relief from CGT in respect of gains arising on transactions undertaken to achieve farm...

Written Answers — Department of Finance: Defective Building Materials (26 Sep 2023)

Michael McGrath: The various statutory instruments in relation to dwellings damaged by the use of defective concrete blocks were put in place by the Minister for Housing, Local Government and Heritage, where necessary with the consent of the Minister for Public Expenditure, NDP Delivery and Reform. In relation to the valuation of property for residential mortgage lending purposes by Central Bank regulated...

Written Answers — Department of Finance: Regulatory and Poverty Impact Assessments (26 Sep 2023)

Michael McGrath: Nineteen Bills have been published since 27 June 2020 which were sponsored by the Minister for Finance. Regulatory Impact Assessments (“RIAs”) were published on the Department’s website in respect of five of those Bills. RIAs and screening RIAs were also prepared in respect of a number of the Bills, and circulated to cabinet members along with the Memorandum for...

Written Answers — Department of Finance: Rental Sector (26 Sep 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year. For claims relating to 2023, PAYE...

Written Answers — Department of Finance: Departmental Bodies (21 Sep 2023)

Michael McGrath: The bodies under the aegis of my Department have provided the requested information in the attached document. State Body Year Amount of taxable benefit paid Details 2019 €70.19 Benefit in Kind paid on use of taxis 2020 €9.88 Benefit in Kind paid on use of taxis ...

Written Answers — Department of Finance: Defective Building Materials (21 Sep 2023)

Michael McGrath: At the outset, it is important to state that neither I, as Minister for Finance, nor the Central Bank of Ireland can direct the pricing nor provision of insurance products. This is a commercial matter which individual companies assess on a case-by-case basis. This is due to the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from...

Written Answers — Department of Finance: Equality Proofing (21 Sep 2023)

Michael McGrath: The 2020 Programme for Government, “Our Shared Future”, contains a commitment to “Expand the Equality Budgeting Programme across government departments and agencies.” Work has already been done to mainstream the approach to equality budgeting across Government, led by the Department of Public Expenditure, NDP Delivery and Reform and the Department of Children,...

Written Answers — Department of Finance: Tax Credits (21 Sep 2023)

Michael McGrath: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. The purpose behind the rent tax credit,...

Written Answers — Department of Finance: Business Regulation (21 Sep 2023)

Michael McGrath: The Deputies will be aware that the Retail Banking Review, which was published in November 2022, contained a key recommendation for the Department to lead the development of a National Payments Strategy (NPS) to be completed in 2024. Acceptance of cash is an area of focus for the NPS.  The Terms of Reference sets out that the Strategy should examine whether there should be a...

Written Answers — Department of Finance: Tax Collection (21 Sep 2023)

Michael McGrath: I am advised by Revenue that Section 121 of the Taxes Consolidation Act (TCA) 1997 provides that where a car is made available for the private use of an employee then the employee is chargeable to benefit in kind tax (BIK). If an individual has, by reason of his or her employment, a car available for his or her private use, a taxable BIK arises, even if the person providing the car is...

Written Answers — Department of Finance: Tax Yield (21 Sep 2023)

Michael McGrath: The cap on market revenues will be collected by the Commission on Regulation of Utilities (CRU).  The proceeds from the cap on market revenues will be retained and used in the electricity sector to lower prices for consumers. As such, this measure will not increase Exchequer revenue. At the time of the Stability Programme Update (SPU) 2023 the temporary solidarity...

Written Answers — Department of Finance: Tax Data (21 Sep 2023)

Michael McGrath: I am advised by Revenue that the estimated costs of reducing the levels of excise applied to home heating oil from €122.83 to €100, €72.83, €60 and €0.00, from 12 October 2023 to end-December 2023, and from 1 January 2024 to end-March 2024, are shown in the following table. Proposed Rates Year MOT €m VAT €m ...

Written Answers — Department of Finance: Primary Medical Certificates (21 Sep 2023)

Michael McGrath: The final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passengers Scheme (DDS), endorsed proposals for a modern vehicle adaptation scheme in line with international best practice that would replace the DDS, as it is no longer fit-for-purpose on any and all...

Mortgage Interest Relief: Motion (20 Sep 2023)

Michael McGrath: I move amendment No. 2: To delete all the words after "Dáil Éireann" and substitute the following: "notes that: - the European Central Bank (ECB) is independent in the formulation of monetary policy for the Eurozone area; - the ECB's objective is to maintain price stability and wishes to ensure a timely return of inflation to its two per cent medium-term target; and - since...