Results 6,481-6,500 of 16,537 for speaker:Brian Lenihan Jnr

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: Urban reliefs went further back.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: We have had one already.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: In a sense, when Deputy Burton introduced the hospital question, I was discussing the previous amendment on the Shannon-----

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: We were all at cross purposes. In any event, while the mid-Shannon issue is simply a matter of a time extension, the Deputy has proposed that applications for tax relief in respect of registered nursing homes, convalescent homes, mental health centres and private hospitals be accompanied by the analysis as well. The key recommendation of Indecon on all of this was that the costs and...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: The Government decided a number of years ago to proceed along the lines of the current basic cost-benefit analysis approach. I reiterate that the purpose of this section of the Bill is to terminate the relief. When tax reliefs are introduced, one of the great difficulties is that expectations are built up around them as investors make investment decisions, lands are purchased and buildings...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: There is no question of the closure of any acute centre that is currently in operation. On safety grounds and in the best interests of the patient, the HSE is concerned with ensuring that acute services are delivered in the most appropriate locations. That is the policy of the HSE in this regard. I should also mention that strict statutory conditions govern the hospital relief. Those...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: The effect of the proposed amendment would be to compel banks, credit unions and other financial institutions to issue an annual statement showing the amount of deposit interest retention tax that has been deducted from the deposit interest paid to an account holder. The current position is set out in section 262 of the Taxes Consolidation Act 1997, which requires financial institutions to...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: My difficulty with the amendment concerns the issuing of one separate statement a year.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: As I understand the position it is included in existing statements but the practice is to levy the DIRT on a bi-annual basis. I apologise, I am generalising from my own account. It depends on when the interest is paid and that depends on the practice of the institution. Some institutions accumulate interest on a six-monthly basis, some annually. It varies between the institutions. The...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: DIRT is an unpleasant tax.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: The charge is annual but the actual collection is reflected in a statement at the time when the particular institution happens to give the interest on the account, whereas under Deputy Bruton's amendment there would have to be an annual statement of the actual amount of DIRT.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: The Deputy is right. Most accounts show interest net. I thank the Deputy for assisting me. That is true. One would have to make a further calculation of one's tax in that respect.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: There is no obligation on the institutions to provide such a general statement. It would be an additional statement for them. At present, one has to request a certificate to certify the actual amount paid for which the certificate is furnished.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: I see the point but because of the paltry sums of interest I was accruing, I was able to calculate the sums due from the bank statements. One can, of course, obtain a certificate from the institution and I thank Deputy Burton for assisting me in correcting my error.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: Any person who is self-employed must submit one and technically PAYE workers do too. To address Deputy Bruton's issue, I will have someone examine whether it would be possible to oblige the institutions to list the DIRT as well as the interest deduction which is the net ratio.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: This amendment would introduce a provision requiring all claims for relief under the intangible assets scheme to be accompanied by an analysis demonstrating that the investment in specified intangible assets made a significant value added contribution to the investing company. Section 13 provides an important new incentive aimed at supporting the development of the knowledge economy. On...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: I agree with much of what has been said but the best course of action is to refer the comments made by Deputies Burton and Bruton to the Revenue Commissioners so they can be used in the formulation of their administrative documentation on the scheme. There is no conflict of interest between the Revenue Commissioners and the US authorities in their philosophy on the scheme in question. The...

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: I will arrange for that.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: Speaking in the context of the pensions industry itself.

Finance Bill 2009: Report Stage (Resumed) and Final Stage (27 May 2009)

Brian Lenihan Jnr: With regard to Deputy Bruton's amendment, the deferral arrangements for annuity purchase, which I introduced late last year, are by definition temporary and can be revisited as necessary. The amendment was proposed on Committee Stage and I explained that the rules relating to the requirement for members of a defined contribution scheme to purchase annuities with their pension funds on...