Results 641-660 of 11,861 for speaker:Brian Hayes

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: It is a significant challenge. My understanding is that there is a credit card-based system called merchant acquired data. Presumably, much of those data are based on what merchants provide to Revenue. As such, when we say that there is the potential to raise €20 million on the online side through the 1% levy, there is no guarantee. Using the data, one should be able to get an idea...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I move amendment No. 77: In page 64, between lines 36 and 37, to insert the following:“(c) in section 102(9) by substituting “under subsection (1), (1A), (1B) or (3)” for “under subsection (3)”,”.This amendment is to the provisions for mineral oil tax offences. Where an offence of “fuel laundering” or dealing in laundered fuel is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Previous governments have taken out of commission all the property-based tax incentives that were in place and that were a contributing factor to the collapse. They are not coming back any time soon. The only advance the Minister, Deputy Noonan, made in this and the previous budgets was on an issue to which Deputy Boyd Barrett referred, namely, improving Victorian houses. That is a very...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Amendments Nos. 73 to 75, inclusive, propose to make changes to section 43 which inserts a new section 597A into the Taxes Consolidation Act 1997. Section 43 provides a new CGT relief for entrepreneurs who reinvest the proceeds of previous disposals of assets, on which they have paid CGT, in the acquisition of chargeable assets used in new business ventures. The effect of these three...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Most of the Minister's remarks were about the residential property market rather than the commercial market. The relief only applies in circumstances where the investor holds on to the property for a period of seven years. The big collapse in tax revenues was focused on stamp duty. The 2008 figures show that, from a position where we took in approximately €50 billion in tax on an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: It is the continuation of an intervention.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: One of our objectives when we first announced this measure in the budget two years ago was to get to the bottom in terms of encouraging the overhang in the market to move on these properties. There is no doubt because I heard it from people in the industry that the measure had an impact on encouraging transactions, which is all to the good. None of us wants to see the re-emergence of a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Two distinct issues arise in respect of Dublin, one on the commercial side and the other on the residential side. There is no doubt that activity on the residential side has increased and supply issues are emerging. The Chairman's point on how we provide for the family with two or three children will be a key issue, particularly around the capital. On the other side of the equation,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Yes. While supply issues are emerging on the residential side, particularly in Dublin, the same cannot be said about commercial property. As the Deputy knows, there are buildings everywhere. The objective of this exercise was to give confidence and stability. In his Budget Statement the Minister said he is extending it for one year. He has not made any comment on extension thereafter,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The purpose of the extension is to encourage older farmers who have no children to lease their farms on a long-term basis.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that they can dispose of it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: The answer to that question is "Yes".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that his or her capital gains tax position is determined when he or she subsequently disposes of it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Once he or she sells the asset. I presume one cannot make it a requirement that it be farmed after that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that we are putting this measure in place for farmers without children as a means of encouraging them to give the land to younger farmers to utilise. Obviously, the previous scheme applied to a family in circumstances where the land was to be handed down, but in a circumstance where a farmer does not have children, it is believed the application of this measure will help...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Would the Deputy have a big windfall?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: My understanding is that one must be farming it or letting it to another individual who will farm it for at least ten years.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: I understand the Deputy's point. His concern relates to where someone obtains this relief; he or she farms or leases the farm to another farmer and at the end of ten years sells a whack of land for a whole pile of money for it. The Deputy's concern is whether this is a good use of a taxation scheme. A limit of €750,000 applies where such disposals are made when the disposer is aged...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: That is a good question. One cannot split it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (No. 2) Bill 2013: Committee Stage (Resumed) (27 Nov 2013)

Brian Hayes: Taking Deputy Pearse Doherty's example, which is a fair one, or even an example involving a sum of €2 million, it would only apply to a limit of €750,000 for those aged between 55 and 65 years and €500,000 for those aged 66 and upwards.