Results 3,521-3,540 of 11,861 for speaker:Brian Hayes

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Senator's party proposed a levy for one year.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: I was just making the point that in 1988 a levy was introduced. In 2002-03, a levy was also introduced, but both those levies were later removed. This is a temporary levy or tax. One of the reasons the Pensions Board has not replied is that, despite all the comment about this 0.6% levy, the bigger issue for the pensions industry is the very point that Senator Reilly referred to earlier -...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The reason is that the Bill gives power and authority to the Revenue Commissioners to review these cases where assets are disposed of. Power currently exists within the Revenue Commissioners to make findings of fact on these matters, which could be beneficial in terms of the full implementation of this measure.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Commissioners have significant oversight authority to review instances where benefits are adjusted as a result of the payment of the levy to ensure that such adjustment is made in accordance with the requirement of the levy legislation. That power is already in place for the Commissioners to use at their discretion. That requires a level of public awareness of the role of the...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: It concerns the assets backing that person's liability.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Yes.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: If we limit this at a certain threshold, we are affecting the total yield that can be taken in. The purpose of this measure is to take in a yield, which can allow us to stimulate the economy.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: One could look at any option one wants, but for the purpose of obtaining funds to help job creation we were left with that. The Senator rightly pointed out the different liabilities of a person who has paid in over a long period of years, compared to someone who has only been in the scheme for a short time.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Let us be fair about this.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Can I reply?

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: One of the benefits for the pensions industry is that tax treatment on contributions is at the marginal rate. We all know that. That is one of the reasons there has been rightly a significant amount of money put away. Those who have contributed over that period have been given a substantial effective tax subsidy by the State as a means of allowing them put money into such a vehicle. The...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Yes.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: We are not in a position to make any assessment as to how much this would affect one case against the next. It all would depend on the information in each case. I heard Senator O'Brien, earlier in the debate and yesterday, state that there could be a 9% reduction in the yield to one individual. No one knows that as a matter of fact.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: No one knows that. It all would depend on the terms and the circumstances. On the question of tax relief - I will not go on about this - I made the point about the 41% marginal rate. In fairness to other Senators, not everyone is getting the yield at that. I make the point that pension treatment here is genuinely generously covered under the existing law. Senator Cullinane wants to get...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: One must be consistent about it. If one is saying knock out one and not the other, it is not consistent. On the question of the funds roll-over,-----

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: -----as the funds roll over in the course of their existence this gives income and capital gains exemptions while the fund is accumulating, which is another significant benefit to people who put money away.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: As people exit, there is a tax-free lump sum. Between the marginal rate of tax, the fact that people are not eligible for income and capital gains exemption for the period of the funds rolling over and the lump sum, fair is fair here. In a circumstance where the country is where it is, I regard this as a measured proposal. I cannot accept recommendations Nos. 9 and 10.

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: The Senator's prediction of a forced devaluation is somewhat apocalyptic in nature. As he is well aware, all of our debts are in euro. Were we to leave the euro and join another currency or re-establish the punt, all of our debts would, in effect, double overnight. If the Senator is of the view that we currently have a problem in respect of public and private sector debt, then he should...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: Yes, theatres are exempt. I had thought the exemption applied just to the national theatre but apparently that is not the case. I understand it relates to all theatres. However, there are some theatres which have restaurants attached to them. If there is food and drink available, then one pays VAT as one goes in. What we have done in this exemption is remove them for the purposes of...

Seanad: Finance (No. 2) Bill 2011 (Certified Money Bill): Committee and Remaining Stages (16 Jun 2011)

Brian Hayes: No.