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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: In respect of premium income received by the insurance company, is that refunded to the victim of the crime, the person whose card was stolen or whose account was used to pay the premium falsely?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: The Motor Insurers Bureau of Ireland, MIBI.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: There are two direct victims. One is the consumer who falsely believes he or she has a valid policy but he or she does not. The other victim is the person who has paid for the policy and knows nothing about it. The amount of money involved may not be very significant but where insurance companies are aware of it, is the money refunded?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: Mr. Hassett might check that and write to the committee on that point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: On the question of dual pricing, if I get my motor insurance renewal in the post indicating I will be charged €1,000 next year to continue my cover with that insurance company, and I go on to the company's website presenting as a new customer, and put in all the same information and am quoted €500, that is, €500 less than that the premium renewal I got in the post, is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: Does Mr. Hassett accept that practice is widespread in the industry?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: We had all the main insurers in before us and virtually all of them confirmed they do practice dual pricing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: Is it not more than using a distinction between new and existing customers? Is it not the case companies use technology to arrive at a conclusion that a customer is very loyal, will not switch or shop around and, therefore, their premium is loaded and they pay much more?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: My final question is for Mr. O'Leary on the way the CCPC will approach this issue. To take the example of mortgages, which typically is the biggest transaction anyone enters into in their life, there is still price differentiation in the market. Cashback is available to new customers but not to existing customers, and certain banks still offer preferential rates to new customers as opposed...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Michael McGrath: I thank Mr. O'Leary.

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I move amendment No. 31: In page 130, between lines 6 and 7, to insert the following: “Report on incentives for landlords to retain tenants 74. The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Oireachtas a report on the possibility of implementing tax measures to offer incentives for landlords to retain tenants through the sale of...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I welcome the Minister's comments and the fact that the work is ongoing in the Department. I look forward to seeing its completion and the output from that process in due course. It is important to examine all options to address the issue of tenancies being ended with a view to the sale of the property because the property is deemed to be of higher value when there is vacant possession. We...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: My only interest in this area is to ensure that there is no deterrent to land being purchased with a view to building on it and delivering homes. The two-thirds criterion has been replaced with eleven fifteenths in section 56. That, in effect, reduces the net stamp duty to 2% for a qualifying development. I welcome that there is no deterioration in terms of the purchase of land for...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I move amendment No. 28: In page 111, between lines 20 and 21, to insert the following: “Report on stamp duty residential refund scheme 61.The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Oireachtas a report on the operation and effectiveness of section 61 of the Finance Act 2017. ”. The amendment relates to the stamp duty...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I thank the Minister for his response. Will he give an indication as to when the guidance from Revenue will be available? I assume it will have the force of law behind it. The Revenue Commissioners provide guidance on a wide range of matters and it would be helpful to have it as soon as possible in order that we will have full clarity. We went through this issue in detail on Committee...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I move amendment No. 26: In page 108, between lines 30 and 31, to insert the following: “Report on VAT on food supplements 55. The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Oireachtas a report on the treatment of food supplements in terms of VAT and whether they can be zero rated.”. We went through this issue in some detail...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I move amendment No. 24: In page 106, line 16, after "where" to insert ", on or after 1 February 2020,". We had a good discussion on this issue on Committee Stage. It relates to the extension of VRT relief on certain hybrid vehicles in 2020. This has been restricted from the level of relief available hitherto. The Minister is not moving to the full worldwide harmonised light vehicle...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: It was well flagged but it was well flagged that it would happen in tandem with full implementation of WLTP and that that would happen at the same time. It was widely understood that there would be a full step change to WLTP in 2020 that would coincide with the removal of VRT relief on hybrids. In that context the hybrid vehicles would live or die by virtue of the emissions measures and...

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: I move amendment No. 25: In page 106, line 36, after "where" to insert ", on or after 1 February 2020,".

Finance Bill 2019: Report Stage (Resumed) (20 Nov 2019)

Michael McGrath: 8 o’clock I move amendment No. 22: In page 103, between lines 34 and 35, to insert the following: “Report on betting duty relief 47. The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Oireachtas a report on the betting duty relief and its impact on the bookmaking industry.”. The amendment relates to the changes to...