Results 621-640 of 9,090 for speaker:Jack Chambers

Written Answers — Department of Finance: Tax Reliefs (8 Oct 2024)

Jack Chambers: Section 469 of the Taxes Consolidation Act 1997 provides for tax relief where an individual proves that he or she has incurred costs in respect of qualifying health expenses. Only "health expenses" incurred in the provision of “health care”, which has been carried out or advised by (in certain circumstances) a practitioner, will qualify for tax relief. Health care is defined...

Written Answers — Department of Finance: Tax Reliefs (8 Oct 2024)

Jack Chambers: The Deputy should note that the background to the significant backlog of Disabled Drivers Medical Board of Appeals (DDMBA) is that the previous Board resigned in November 2021 and it took 18 months to replace them involving four Expression of Interest campaigns. In addition my Department also had to re-negotiate a new hosting arrangements with the National Rehabilitation Hospital following...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, based on returns filed to the end of August, the available information for the year 2024 is provided in the table below. The data in the table are provisional and may change as additional returns are filed or returns are amended. Period Number of Properties January to August 2024 284

Written Answers — Department of Finance: Tax Credits (8 Oct 2024)

Jack Chambers: The Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. In relation to the question of parents paying for their children who are studying abroad and in a tenancy outside the State, the purpose behind the Rent Tax...

Written Answers — Department of Finance: Housing Schemes (8 Oct 2024)

Jack Chambers: I am advised by Revenue that the table below provides the requested data on claims approved since 1 July 2020, as of the end of September 2024. This table contains information on the number of approved Help to Buy (HtB) claims, the number of applicants associated with these claims, the number of approved HtB claims in respect of the purchase of new houses or apartments, and the number of...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by the Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025. I am advised by Revenue that 273,160 taxpayer units benefited from the RTC for 2022, as set out in Revenue’s ‘Cost of Tax...

Written Answers — Department of Finance: Tax Collection (8 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 108 and 109 together. Exchequer receipts are recorded on a cash basis. The White Paper and Budget 2025 documentation included a technical estimate of €8bn that will transfer over to the Exchequer from the Escrow Account in 2024. The final transfer amount in 2024 will be dependent on the timeframe for the implementation of the process set out in the...

Written Answers — Department of Finance: Banking Sector (8 Oct 2024)

Jack Chambers: I note the Deputy's query regarding individual savings accounts. With regard to individual savings accounts, it will be of interest to the Deputy that my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ last year. A draft report was submitted to me for...

Written Answers — Department of Finance: Departmental Expenditure (8 Oct 2024)

Jack Chambers: I wish to advise the Deputy that the following payments were made in 2023 and to-date in 2024. Please note that the surveys completed by Behaviours and Attitudes marked with * are fully recoupable from the Banks. The survey completed by OECD marked with # is partially recoupable from the CCPC. They pay 50% of the costs, and the department covers the other 50%. Date ...

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: I announced on Budget Day that a new 6% rate of Stamp Duty will be applied to the value of residential property in excess of €1.5 million (so increasing the rate applied to that element of a property's value from 2% to 6%), and that the higher rate of Stamp Duty on bulk acquisitions of houses is to be increased from 10% to 15%. Both of the increased rates apply to all relevant...

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: Section 599 of the Taxes Consolidation Act 1997 (‘TCA 1997’) provides for relief from Capital Gains Tax (‘CGT’) on the disposal of qualifying assets by individuals aged 55 years or more to a child, as defined in the section. Following the enactment of Finance (No.2) Act 2023, where an individual aged 55 to 69 years, inclusive, transfers qualifying assets to a...

Written Answers — Department of Finance: Housing Schemes (8 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 114, 115 and 116 together. In relation to the Deputy's question on increasing the maximum relief available under Help to Buy by increments of €5,000 up to €50,000, I am advised by Revenue that there is no information available to it to provide an estimate of this proposal, as the tax paid by potential future applicants is unknown. In...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Vacant Homes Tax (VHT) is a self-assessed tax, and the number of properties in scope and the amount of tax payable, depend on the returns submitted by property owners, the number of properties declared as liable, and the number of property owners entitled to claim available exemptions from the tax. The first chargeable period for VHT commenced on 1 November 2022 and ended on 31...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, as landlord and tenant status is not captured on the tax return in respect of vendors and purchasers, there is no data from which Revenue can estimate the cost of this proposal.

Written Answers — Department of Finance: Tax Credits (8 Oct 2024)

Jack Chambers: I am advised by Revenue that as the amount of rent tax credit available to a taxpayer is dependent on the rent paid, it is not possible to provide a precise estimate for each €100 increase in the value of the credit. Revenue has provided the data in the table below setting out estimated additional costs associated with a range of potential increases in the value of the credit. It...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers is in the order of €55 million. This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers,...

Written Answers — Department of Finance: Tax Reliefs (8 Oct 2024)

Jack Chambers: The Residential Premises Rental Income Relief (RPRIR) provides relief, at the standard rate, on a portion of a landlord’s residential rental income. The relief is €3,000 in the tax year 2024, €4,000 in the tax year 2025 and €5,000 in the tax years 2026 and 2027, which is equivalent to a tax credit of up to €600, €800 and €1,000 respectively. ...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97B of the Taxes Consolidation Act 1997 which provides a deduction from rental income for expenses incurred by landlords in retrofitting residential rental properties. The deduction was introduced in Finance Bill 2022 to incentivise retrofitting of residential rental properties and to encourage landlords to retain these properties in the rental market. The estimated cost of the...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97A Taxes Consolidation Act 1997, introduced in Finance Act 2017, allows a deduction (capped at €10,000 per premises) from rental income for certain pre-letting expenditure on properties which have been vacant for at least six months and are subsequently let. To qualify, the expenditure must be incurred in the twelve months immediately prior to the letting. Finance Act 2022...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: While most Member states apply the standard rate to construction services, Ireland historically has applied a 13.5% reduced rate of VAT to all construction services (residential and non –residential) under a derogation from the EU VAT Directive. This derogation however has significant restrictions including that the rate cannot be reduced below 12%. Since April 2022, under Annex...