Results 6,421-6,440 of 36,118 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I have been critical in regard to the decision in terms of the reduction in the banking levy. We know how the banking levy was introduced and how it is calculated in terms of reference points in regard to the amount of DIRT that is paid. However it was calculated in such a way that it would accrue €150 million. Two banks are now withdrawing from the Irish market. That is an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I welcome that. I assume, although one can never assume anything, the Minister is looking at the fact that he has reduced the levy from €150 million to, as far as I understand it, €87 million and that this may be a signal that we could be looking at a larger take from the levy given that the profits and assets, and, indeed, liabilities and deposits, have remained within the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I move amendment No. 64: In page 114, between lines 29 and 30, to insert the following: "Report on the application of stamp duty on the buy-back of shares 64.The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on the application of stamp duty on the purchase by companies of their own shares where that purchase is not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: It is good to hear that the Department or Revenue officials, I am not sure which, will look at this in greater detail and make recommendations to a future Finance Minister. Given there is no reporting requirement, other than to the Central Bank, which is of no benefit to us while we are trying to grapple with this, it would have been opportune to have a reporting requirement in this year's...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I think this seems straightforward enough but I seek clarification. This allows for a person to elect which parent they choose to benefit from capital acquisitions tax, CAT, whether it be their birth parents or their social parents but it does not allow for a change in that election at any time or to benefit from both. That is my understanding. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Does the individual benefit from both? He or she has the succession right as his or her birth parent. That exists in law already. Therefore he or she is granted that right in order that he or she can select to also benefit his or her social parents.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Is it the case then that such individuals can benefit from the exemptions of whatever it is, €335,000 tax-free, from both sets of parents or must they select?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: It is combined.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I understand.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: So if a birth parent provided €100,000 to the individual, the amount that would be tax free for the social parent would be €235,000.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I thank the Minister for that clarification. How would that then play out to the children of those individuals because we would now be into a different category? Does the same apply to the children? That would be the gift from a birth grandparent and a gift from what would be a social grandparent, if you want to call them that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Along with the birth parents. So both benefit.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Same rules apply to the child as with the grandchild with the same combined cap. It is not a doubling of the threshold.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Yes. Thank you.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I will table an amendment on Report Stage in respect of mortgage interest relief, which obviously applies here. Landlords are able to reclaim 100% mortgage interest relief but residents are not. Section 81 relates to rents payable to non-residents. What has changed from the point of view of rents paid to non-resident landlords?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: Does the Minister or Revenue have any detail on the breakdown of the number of non-resident landlords, the number of tenancies that are deducting 20% and the number being paid through agents?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: There are 40,270 residential properties whose landlords are non-resident. Is that information correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: There is €328 million in rental income. Is there a breakdown of how the tax is being applied? In what proportion of the 40,000 units is the tenant deducting the 20%? I presume that number is very low but I do not know. I have never seen the figures. Is there a breakdown showing that proportion?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: There are 40,270 residential homes - houses or apartments - where the landlord is non-resident. Tax is applied to those tenancies in two ways, of which one is through a collection agent and the other through the tenant deducting 20% and paying directly to Revenue. Do we have any sense of how that is happening? Are there figures on the split or proportions?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (16 Nov 2022)

Pearse Doherty: I would say it is. I do not want to dispute this with the Minister's officials but if people are paying directly to Revenue, I am sure-----