Results 3,881-3,900 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: As the Deputy will be aware, Budget 2023 included a significant income tax package amounting to a cost of €1.13 billion in 2023 and consisted of both personal income tax and Universal Social Charge (USC) changes. In relation to the income tax changes, the Standard Rate Cut-Off Point for single persons was increased by €3,200 or 8.7 per cent from €36,800 to...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) is a broad-based measure designed to assist businesses that have experienced a significant increase in their natural gas and electricity costs. The scheme operates by comparing the average unit price for the relevant bill period with the average unit price in the corresponding reference period in the previous year. If the increase in...

Written Answers — Department of Finance: Tax Reliefs (24 Jan 2023)

Michael McGrath: I wish to advise the Deputy that it has not been possible to collate the information sought in the time available and, therefore, I will make arrangementsto provide a response in line with the timeframe for deferred replies as set out in Dáil Éireann Standing Order Number 51.

Written Answers — Department of Finance: Renewable Energy Generation (24 Jan 2023)

Michael McGrath: In order to meet the targets and objectives of the Climate Action Plan 2023, the private sector is being guided towards financing the necessary investments within their own activities and through the supply chains they influence. The financial services sector has a pivotal role in facilitating such activities and accelerating the implementation of Ireland’s Climate Action Plans...

Written Answers — Department of Finance: Tax Credits (24 Jan 2023)

Michael McGrath: The rent tax credit was introduced by Finance Act 2022 and will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. I am advised by Revenue that a comprehensive manual on the rent tax credit was published by Revenue in December 2022. This guidance sets out the full range of conditions which must be met in order for the credit to be...

Written Answers — Department of Finance: Mortgage Interest Rates (24 Jan 2023)

Michael McGrath: The type of mortgages offered by different categories of Central Bank regulated entity is a commercial matter for each individual lender, as is the interest rate they charge. Notwithstanding this, as part of its Consumer Protection framework the Central Bank has put in place a range of measures in order to protect consumers who take out or have a mortgage. The consumer protection...

Written Answers — Department of Finance: Consumer Rights (24 Jan 2023)

Michael McGrath: In recent years, the banking landscape has changed significantly in Ireland. The number of banks serving the sector reduced from 12 to 3 as banks were amalgamated or closed down and foreign owned entrants exited the Irish retail market. We have also seen a considerable acceleration in technological developments and the pace of uptake has been accelerated by the COVID-19 pandemic. With that...

Written Answers — Department of Finance: Tax Reliefs (24 Jan 2023)

Michael McGrath: The legislation governing the deductibility of expenses incurred in employment is set out in section 114 of the Taxes Consolidation Act 1997 (TCA 1997), which provides that for an expense to qualify as a deduction against income from an office or employment, the expense must be wholly, exclusively and necessarily incurred in the performance of the duties of the office or employment. I am...

Written Answers — Department of Finance: Tax Credits (24 Jan 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 will be available in respect of qualifying payments made during the 2022 to 2025 years of assessment inclusive. Qualifying payments must be made under a tenancy. A tenancy for this purpose is a rental arrangement which falls into one of the below...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: The loan guarantee schemes for SMEs outlined in Budget 2023, which are being delivered through the Strategic Banking Cooperation of Ireland (SBCI) include the Energy Efficiency Loan Scheme, the Growth and Sustainability Loan Scheme, and the Ukraine Credit Guarantee Scheme. I am pleased to provide the Deputy with an update on their status. Energy Efficiency Loan Scheme The Energy Efficiency...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: The Temporary Business Energy Support Scheme (TBESS) was introduced to support qualifying businesses with increases in their electricity or natural gas costs over the winter months. Sections 100 to 102 of the Finance Act 2022 make provision for the TBESS. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: I am advised by Revenue that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. In general, the Directive provides that all goods and services are liable to VAT at the standard rate unless they fall within Annex III of the Directive, in respect of which Member States may apply either one or two reduced rates of VAT. Ireland currently operates...

Written Answers — Department of Finance: Pension Levy (24 Jan 2023)

Michael McGrath: I assume the pension levy the Deputy is referring to is the levy which was charged on pension schemes from 2011 to 2015 in accordance with section 125B of the Stamp Duties Consolidation Act 1999. The levy was introduced in the wake of the financial crash, at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30...

Written Answers — Department of Finance: Pension Levy (24 Jan 2023)

Michael McGrath: As the Deputy is aware the Pension Levy on Private Funds was introduced in the wake of the financial crash and at a time when the economy was in serious difficulties. The intent of the levy was to raise revenue in respect of the generous tax reliefs that those contributing to pension arrangements had benefited from over many years. The levy on pension funds was provided for in section...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. The scheme provides support to qualifying businesses in respect of energy costs relating to the period from 1 September 2022 to 28 February 2023 and is available to tax compliant businesses carrying on a trade or profession the profits of which are chargeable to tax under Case I or Case II of...

Written Answers — Department of Finance: Tax Code (24 Jan 2023)

Michael McGrath: For the purposes of capital acquisitions tax (CAT), the relationship between the person who provides a gift or inheritance (the disponer) and the person who receives it (the beneficiary) determines the tax-free threshold (Group Threshold) below which CAT does not arise. Any prior gift or inheritance received by a person since 5 December 1991 from within the same Group Threshold is aggregated...

Written Answers — Department of Finance: Primary Medical Certificates (24 Jan 2023)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from Vehicle Registration Tax and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant. The Scheme is open to severely and permanently disabled persons as a driver or as a passenger and also to certain charitable organisations. In order to qualify for relief, the applicant must hold a...

Written Answers — Department of Finance: Business Supports (24 Jan 2023)

Michael McGrath: Details of the Temporary Business Energy Support Scheme (TBESS) are set out in Finance Act 2022. Farmers and rural public houses are eligible for payments under the TBESS in the same way as any other business that is carrying on a trade which is taxable under Case I of Schedule D where they meet all eligibility criteria. A person engaged in a trade of farming or hospitality who has...

Written Answers — Department of Finance: National Asset Management Agency (24 Jan 2023)

Michael McGrath: I wish to advise the Deputy that the Poolbeg West SDZ Planning Scheme includes a requirement for 25% of the residential units delivered in the SDZ to be reserved for social and affordable housing, comprising 10% Part V social housing and 15% affordable housing. NAMA retains a 20% minority interest in a 37.2 acre development site located within the SDZ. A consortium of Ronan Group Real Estate,...

Written Answers — Department of Finance: Tax Reliefs (24 Jan 2023)

Michael McGrath: Help to Buy (HTB) is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive offers a refund on Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to limits outlined in Section 477C of the Taxes Consolidation Act 1997. An increase in the supply of new housing...