Results 43,321-43,340 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. 31: In page 35, to delete line 15 and substitute the following: “circumstance referred to in subsection (2A)(d)(ii)(II)(A) arises) shall establish the identity of the subsequent administrator and, within 21 days from the end of the month in”.

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. 32: In page 35, line 20, after “arrangement,” to insert “where known,”.

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. 33: In page 35, to delete lines 32 to 42, and in page 36, to delete lines 1 to 12 and substitute the following:“(3C) (a) Where— (i) the provisions of subsection (2A) apply and a transfer amount has been applied, and (ii) at the date the subsequent administrator receives the certificate referred to in subsection (3B) the non-member’s retirement benefit...

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. 34: In page 36, line 14, to delete “7 days” and substitute “21 days”.

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. 35: In page 36, line 28, after “non-member’s” to insert “appropriate”.

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. 36:In page 37, to delete lines 5 to 9 and substitute the following: “(i) in the case of an administrator, the date of the benefit crystallisation event giving rise to the chargeable excess tax or, where a transfer amount has been applied and the administrator and the subsequent administrator are the same person, the later of that date and the date of...

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. 37: In page 37, line 13, to delete “notifications,” and substitute “notifications”.

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. 38: In page 37, to delete lines 31 to 40, and in page 38, to delete lines 1 to 7 and substitute the following:“(e) in section 787S— (i) in subsection (1)— (I) by substituting “within 3 months from” for “within 3 months of”, and (II) by substituting the following for paragraph (e): “(e) details of the tax which 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. 39: In page 38, to delete lines 9 to 16 and substitute the following:“ “(1A) Where the provisions of section 787R(2A) apply and a transfer amount has been applied, then— (a) where the transfer arrangement is the relevant pension arrangement of the relevant member, the subsequent administrator, within 3 months from— (i) the end of the month in...

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. 40: In page 38, line 34, after “writing” to insert “at the time the return to the Collector-General is 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. 41: In page 38, line 41, after “the” where it secondly occurs to insert “fund”.

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. 42: In page 39, line 4, to delete “in section 787R(3D)” and substitute the following:“a notification referred to in section 787R(3D) (in the circumstance referred to in section 787R(3E))”.

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

Simon Harris: I am informed that approximately 90% of AMRFs are valued at less than €250,000. While this might seem like a lot of money, in the case of an individual retiring at the age of 60 or 65, it is clearly not because the money may have to last both the individual and spouse or partner for a period of time of 25 years or more. The Finance Bill amendment reduces the imputed AMRF distribution...

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

Simon Harris: We do not have that information because we are not given that information. The Revenue inform me that there is very little tax coming in with regard to the imputed distribution so therefore, people are drawing down and paying tax on it. I do not have the data the Deputy is seeking.

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

Simon Harris: The concern is that these funds will run out because people are living longer. It is designed to slow down the process to ensure a pension pot lasts longer. The current imputed distribution rate of 5% per annum applying to AMRFs invested in PRSAs with assets of €2 million or less is higher than the current yields or interest rates paid on most single or joint life pension annuities...

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. 18: In page 29, line 21, to delete "on 1 February of the tax year" and substitute "at the time of the payment or transfer".Section 17(2)(b) amends the approved minimum retirement fund, AMRF, provisions in the Taxes Consolidation Act 1997. The change allows the beneficial owner of an AMRF to draw down up to 4% of the value of the assets each year. Heretofore, the capital...

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. 19: In page 30, to delete lines 19 to 23 and substitute the following:" " 'fund administrator' means a qualifying fund manager of an approved retirement fund or an approved minimum retirement fund or the PRSA administrator of a vested PRSA (within the meaning of section 790D(1)), as the case may be, (in this definition referred to as the 'fund') the beneficial owner of...

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

Simon Harris: That is correct.

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

Simon Harris: I am happy to do so.

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

Simon Harris: I am not passing the buck but much of what the Deputy referred to is under the remit of construction employment contracts. I accept Revenue has a role to play, although it cannot be all of the solution. I would argue that in terms of the example the Deputy has given of people being paid in brown envelopes in pubs, this sort of provision will disincentivise that. We want a situation where...