Results 6,721-6,740 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: There are a number of tax implications with regard to renting a mortgaged property. These apply for all landlords, regardless of whether the landlord is renting elsewhere. Mortgage Interest Tax Relief Section 244 of the Taxes Consolidated Act 1997 provides for tax relief in respect of interest paid on qualifying loans taken out to purchase, repair or improve a property that is used as a sole...

Written Answers — Department of Finance: Living City Initiative (30 Jun 2015)

Michael Noonan: The Living City Initiative, which was enacted in the Finance Act 2013 and commenced on 5 May 2015, has been extended beyond the original pilot cities of Limerick and Waterford, to include the cities of Dublin, Cork, Galway and Kilkenny as well. In line with my Department's commitment to evidence based policy-making, the inclusion of these additional four cities was...

Written Answers — Department of Finance: Financial Services Regulation (30 Jun 2015)

Michael Noonan: The lending institutions in Ireland - including those in which the State has a significant shareholding - are independent commercial entities. I, as Minister for Finance, have no statutory role in relation to how they carry out their business. The Central Bank has responsibility for the regulation and supervision of financial institutions in terms of consumer protection and prudential...

Written Answers — Department of Finance: Property Tax Exemptions (30 Jun 2015)

Michael Noonan: The legislation governing the administration of Local Property Tax (LPT) provides for a limited number of exemptions from LPT. There is no specific exemption for properties affected by Mica and there are no plans to introduce such an exemption. LPT operates on a self-assessment basis and it is a matter for the property owner in the first instance, to calculate the tax due based on his or...

Written Answers — Department of Finance: Tax Exemptions (30 Jun 2015)

Michael Noonan: Section 216A of the Taxes Consolidation Act 1997 provides for the rent-a-room scheme. This scheme was introduced in Finance Act 2001 as an incentive to encourage individuals to let rooms in their principal private residence in order to bring about an increase in the availability of rental accommodation, particularly for the student sector. The scheme provides an exemption from Income Tax,...

Written Answers — Department of Finance: Disabled Drivers and Passengers Scheme (30 Jun 2015)

Michael Noonan: I am advised by the Revenue Commissioners that the person concerned applied for tax relief under the Drivers & Passengers with Disabilities Scheme on 2 April 2015.  To avail of the scheme, the person with the disability must be in possession of a Primary Medical Certificate. On 8 April 2015 Revenue requested a Primary Medical Certificate from the person concerned. To date, the...

Written Answers — Department of Finance: Financial Services Regulation (30 Jun 2015)

Michael Noonan: The credit union sector plays an important role in providing financial services nationally, but in doing so must retain the responsibility of ensuring members' funds are not put at undue risk. As I noted in Parliamentary Question No. 167 of 14 January 2015, my Department received a proposal in August 2014 outlining a plan to establish and operate joint...

Written Answers — Department of Finance: Tax Code (30 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the estimated first and full year cost of providing a PAYE credit to self employed persons as set out by the Deputy is as follows: Income Range First Year Cost €m Full Year Cost €m < €70,000 90 198 €70,000 - €90,000 11 20 Total Cost 101 218 These figures are estimates for 2015, from the Revenue...

Written Answers — Department of Finance: Eurozone Crisis (30 Jun 2015)

Michael Noonan: I propose to take Questions Nos. 270 and 271 together. The European Council meeting of Heads of State and Government took place on 25 and 26 June in Brussels. The Taoiseach represented Ireland at the meeting. During the same week, a Euro Summit was convened at short notice on 22 June, which the Taoiseach also attended. In addition, special Eurogroup meetings on Greece were organised for...

Written Answers — Department of Finance: Mortgage Interest Rates (25 Jun 2015)

Michael Noonan: As the Deputy is aware, I met with senior management of Ireland's six main mortgage providers in May. The meetings focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks, with a specific focus on Private Dwelling House (PDH) customers. The banks agreed to review their rates and products and, by the beginning...

Written Answers — Department of Finance: National Economic Dialogue (25 Jun 2015)

Michael Noonan: Minister Howlin and I will host the National Economic Dialogue in Dublin Castle on 16 -17 July next.  This will be an important element of Ireland's new budgetary framework.  The objective of the dialogue is to facilitate an open and inclusive exchange on the competing economic and social priorities facing the Government as we prepare for budget 2016.  It will be informed...

Written Answers — Department of Finance: Pension Provisions (25 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that tax legislation specifies that the maximum pension an individual may receive from an occupational pension scheme at normal retirement age is restricted to two-thirds of final remuneration. Therefore final remuneration is a key concept in determining the benefits an individual becomes entitled to on retirement. The rules of the pension scheme...

Written Answers — Department of Finance: Tote Licences (25 Jun 2015)

Michael Noonan: I assume that the Deputy is referring to requests that a tote licence be issued to bodies providing trotting and harness racing in Ireland. The tote was established under the Totalisator Act 1929 and to date Bord Na gCon and Horse Racing Ireland (or their predecessors) are the only bodies licensed to operate a tote. The primary purpose of this arrangement is to fund the...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Capital gains tax applies to gains in respect of land which is acquired under a compulsory purchase order (CPO). The rate of capital gains tax is currently 33%. When agricultural land is acquired under a CPO, the acquiring authorities usually pay a premium over the agricultural value. The premium may cover the tax due on the disposal and the farmer may well have received the agricultural...

Written Answers — Department of Finance: Banking Sector (25 Jun 2015)

Michael Noonan: As the Deputy will be aware under the Relationship Frameworks the State does not intervene in the day to day operations of the banks in which it holds investments or their management decisions regarding commercial matters and hence any discussions around matters such as outsourcing are a matter for the bank, the relevant staff and their union representatives. Notwithstanding...

Written Answers — Department of Finance: Pension Provisions (25 Jun 2015)

Michael Noonan: In Finance Act 2013, I rescinded the Finance Act 2011 changes to the specified or guaranteed pension income requirement for Approved Retirement Fund access which had increased that income requirement from €12,700 to a variable limit based on 1.5 times the State Pension (Contributory) which amounted to €18,000 per annum. At the same time, I also rescinded the Finance Act 2011...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Capital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance. For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary),...

Written Answers — Department of Finance: Customs and Excise Staff (25 Jun 2015)

Michael Noonan: Decisions in relation Revenue uniforms, branding and logo, and discussions with staff in relation to those decisions, are matters for the Revenue Commissioners.  I am advised by the Revenue Commissioners that the decision taken in 2010 to adopt a new logo was reinforced on 30 April 2014 by a communication to all staff setting out how the new logo was to be used on all signage,...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Tax relief on pension contributions by or behalf of employees to occupational pension schemes and by employees or individuals to pension arrangements such as Personal Retirement Savings Accounts (PRSAs) or Retirement Annuity Accounts (RACs) is limited each year by reference to the annual earnings of the employee or individual (subject to an annual earnings cap of €115,000) which...

Written Answers — Department of Finance: Tax Collection (25 Jun 2015)

Michael Noonan: I am informed by the Revenue Commissioners that the rates of Betting Duty, the Duty collected, and the number and type of Bookmaking Licences are as laid out in the table below. Year Rate of Duty Betting Duty Net Receipts (€) Bookmakers' Licences Bookmaking Premises Number Issued Number Issued 1984 20% 26,040,136 843 921 1985 10% from 4/2/85 20,471,235 898 1,044 1986 10%...