Results 8,981-9,000 of 15,555 for speaker:Eoghan Murphy
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: We are looking at this because the State retains taxing rights on Irish property. That is why we saw a tax leakage and we moved to correct it through the amendments. I cannot see how another fund might be operating in a way. We retain taxing rights on trading activity within the State and Irish-sourced income. I cannot foresee how a fund would be operating and investing in Ireland in...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: The tax would be paid when the pension fund pays out to the investor, the pension holder.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: There is not going to be any change for pension funds with this amendment in this legislation.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: They are exempt.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: They are treated the same as pension funds.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: It has changed in the past ten years in that the tax is now paid on exiting the fund. Is that not the change that has taken place across life assurance and pension funds and everything else?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: The pension funds were not taxed ten years ago.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: They pay tax on that capital.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Will the Deputy repeat that question please?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: It still is. That capital is still taxed.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: There will be no withholding tax in that scenario for a life assurance company but as they move the profits into the company they would pay corporation tax on that. Chapter 5 of Part 26 of the Taxes Consolidation Act 1997, deals with the taxation of the investment return on life assurance policies and policies in respect of capital redemption businesses, in so far as they are new basis...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: The Deputy made two points about life assurance fund companies and the movements between them. The fund which is the policyholders' life assurance side of the business, will be able to roll up as per the roll-up regime in that fund and grow the fund in that way. There would be a different treatment for the shareholders, which is a separate part of the life insurance fund. It would be...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: They will pay tax on the profits. Essentially it is not normal corporation tax, but it is taxed.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: The shareholder side does not distribute to the policyholder. Is that the taxable movement to which the Deputy refers? Which movement is the Deputy talking about?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I do not want to get lost in the weeds about the tax between life assurance fund companies but it is important that we clarify what this amendment would do. There would not be a change as for life assurance funds and the way their tax position is treated.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Does the Deputy wish me to come back to-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I reiterate that it was not anticipated that funds would be operating in this way or to this extent, hence the reason why we are making the amendment to section 22. REITs have existed for some time. Their involvement in the Irish property market is newer but they have existed in the US since the 1960s or 1970s. ICAVs are new but QIAIFs were in existence before them. In respect of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: It does not apply to REITs. We are working to the OECD standard in terms of how all of this should be treated. When we talked about investment undertakings, that is the point we discussed with Deputy Boyd Barrett. It is not an attempt to make sure that withholding tax will not be liable, we are just ensuring that it is taxed at the appropriate point in so far as the last-man-standing...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I do not want to start using terms such as the rich man and the poor man. There are products available to individuals - this is one of the benefits of funds - that allow people to invest in an area in which they might not have the necessary expertise but the person managing the fund does. There are ways in which a person can invest in a product that they might not previously have been able...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: If people are less wealthy or not rich or however one might want to term it, they can come together and pool their investment money to make an investment in areas where they might not have been able to do so previously. That is the purpose of a fund. If they make a profit, they are charged at the marginal rate.