Results 43,281-43,300 of 46,456 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 48: In page 45, to delete lines 25 to 37 and substitute the following:“ ‘relevant purchase’ means the conveyance or transfer of a dwelling on or after 14 October 2014 and on or before 31 December 2017⁠— (a) into the name of a first-time purchaser only, for occupation as his or her place of residence, or (b) into the names of more than...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Interest rates can go up or down, as the Deputy knows. The 20% figure is a useful and appropriate one to have. Obviously, we do not know the outcome of Central Bank deliberations but legislation can change. The 20% figure is in place and I certainly do not believe it would make any sense to lower it. I acknowledge that the Deputy is not suggesting we should. As we have outlined, it is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The qualification is that one must be a first-time buyer.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I take the point. The Deputy would probably accept that it is highly unlikely that the measure will really have an impact on the group in question. We have introduced it in an equitable fashion and it is open to all first-time buyers. The Deputy will have seen in some of the amendments we have agreed some of the protections we have put in place. One has to be a genuine first-time buyer....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: We have not gone into the level of detail to which the Deputy is alluding. We have not done so on the basis that the initiative is a modest one for giving back tax to try to help people who have been saving. The safeguard or control measure we envisage is that one can apply under the scheme only once. Once one has availed of the measure — it is open to any first-time purchaser...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Deputy is right to highlight this. I have described what he outlined as highly unlikely, as has the Deputy. If he wants to tease this out further, we will be able to do so on Report Stage. However, I am satisfied that people will have to have had savings in place. They will have to live in the house and will get only one opportunity to access the scheme. Considering that the scheme...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I take the point. I am sure this is a matter that the Deputy will consider in advance of Report Stage. As he said, the measures are intended to achieve a noble aim. We are satisfied the protections and controls in place are proportionate with the benefit of the scheme. However, if the Deputies wish to tease this out further on Report Stage, I am sure the Minister for Finance will consider it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I responded too soon.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: My apologies. I spoke to Deputy McGrath's amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Government amendments relate to section 20, which provides for relief from appropriate tax, in this case DIRT, paid on interest earned on deposits by first time buyers of residential property. The amendments in the name of the Minister extend the relief to self-build properties built by first time purchasers and ensure that where a property is purchased or built jointly by several...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I gave the response earlier. I welcome Deputy McGrath's support for the initiative. He is correct in saying it is modest but it is policy intent that where people are saving for a property, be it a self-build or otherwise, that the State does not take the DIRT from them. The alignment with four years is in line with other Revenue reliefs and the Minister believes that is prudent and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: These are all important questions. Deputy Doherty is correct. I acknowledge it is a modest measure but it reflects all the tax that has been paid on savings for this purpose over the four year period. In terms of the four year date, as the Deputy has acknowledged there has to be certainty as to what is the cut-off period. It has to be a four year period. We are trying to bring the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 45: In page 45, line 21, after "purchase" to insert "or on the relevant completion date, as the case may be".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 46: In page 45, lines 23 and 24, to delete "dwellinghouse or apartment" and substitute "dwelling".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There were a number of contributions in relation to the living cities. We will probably get to that later, Deputy McGrath. We are very confident that we are almost there and the passage of this Bill is important in that regard. Deputy McGrath is correct that the knowledge box needs European approval. Some 11 countries have a version of it at European level. The UK and Germany have made...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 44: In page 45, between lines 19 and 20, to insert the following:“ ‘completion value’, in relation to a dwelling, means the price which the unencumbered fee simple of the dwelling might reasonably be expected to fetch on a sale in the open market were that dwelling to be sold on the relevant completion date in such manner and subject to such...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: It is.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes, the Chairman is correct. We have consistently said that everything we want to do in this country in relation to inversions, the double Irish system and the OECD base erosion and profit-shifting process is being done because we want to see substance taxed, we want to see activity coming to this country and we want to have a competitive regime and framework in place. I am merely pointing...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I do not want to interrupt, but the figure I gave is for domestic companies.