Results 9,361-9,380 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: Let us do the maths on it. Let us suppose somebody pays €15,000 a year for an apartment in Dublin and they get another €4,500 in expenses, rounding up the figure to €20,00, he or she will get tax relief of 41% on that, which is north of €8,000 of a rebate. How much does the Deputy get in overnight allowances? I should not personalise the question, but how much...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: It is only a claim that applies to Ministers who are resident outside Dublin. A high proportion of officeholders are Dublin based and are not entitled to claim it at all. The Minister for Public Expenditure and Reform deals with the rates of overnight and travel expenses for Deputies and Senators. I will draw his attention to the Deputy's remarks.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: The maximum qualifying cost for the purpose of this incentive, which is modelled on the home extension scheme and in respect of which the same caps apply, is €30,000, inclusive of VAT at 13.5%. This provides for a maximum tax credit of €4,050. This would be the relief in respect of any one apartment. As it is confined to income tax payers, the cap will be the level of income...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: It appears that the purpose of amendment No. 8 was the abolition of the dual abode allowance, which is a tax deduction allowed to Ministers, Ministers of State and the Attorney General in respect of the cost of maintaining a second residence. Section 836 of the Taxes Consolidation Act provides for a tax deduction under section 114 of the Taxes Consolidation Act 1997 in respect of the cost of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: No, it is giving landlords a similar income tax break as that which applies under the home extension scheme.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: The concerns I had, which were shared by most Deputies, were rising rents in the first instance. Members will have seen further evidence this week of rising rents in Dublin in particular but also throughout the country. Second, there were various stories about people in receipt of rent supplement who were unable to get suitable accommodation because as rents rose, landlords were more...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: -----but I did when living in Dublin as a student and when working there. One has a number of bedsits and the bathroom is on the landing. One must come out of the bedsit to make use of the bathroom on the landing, which is shared by three or four bedsits. The regulation introduced in 2014 states that all bathroom and toilet facilities must be en suite. This provision has taken...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I suppose they could write it off against future income. I have a note to hand, which I will outline. In general, landlords can claim a deduction in their accounts for tax purposes or expenses incurred on the maintenance of investment properties. However, I believe their inclusion in the home renovation incentive will further encourage landlords to renovate their properties in order to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: Yes, they will be getting a tax write-off for income tax as well. I suppose the issue is whether the relief piece should be included in the write-off. I see the point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I will consider this between now and Report Stage. I understand the point made by the Deputy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: That is a fair point. I understand that most of the big landlords, that is, the people with blocks of apartments and so on, have incorporated. This provision only applies to landlords who are subject to income tax. As they are subject to personal income tax, almost by definition this means they are on the small side rather then being large companies or anything like that, which are...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I will ask my officials to raise that with Revenue. Certainly it should be put up on the website and if it is up, it should be made more prominent, as young people access the websites. Some €12,000 is the maximum relief available under the new regime, but it can apply to more than one loan - it can apply to two loans. For example, if there are two students and two spare rooms and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: No, except that it would apply to multi-apartment blocks. If one landlord owned the block, he or she could get it for each unit. It would not make sense otherwise. The length of the amendment has to do with making the connection between having an increased supply of rental accommodation and the benefit for the landlord.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: Both the contractor and the applicant must go on a Revenue website. As of last week about €200 million worth of work was registered and it consisted of, and this is not quite accurate, somewhere around 4,000 individual jobs. I now have the figures - it was 3,464 contractors and €243 million worth of work, and of course they have to be tax compliant. I am not saying these...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: It is a successful scheme, with the qualification I made. We have not got the absolute proof yet, but it seems to be going very well. The scheme was designed to kickstart the building industry when it was at a low point and just beginning to move again. The construction industry is much stronger now, but I do not want to announce anything this year that would persuade people to defer work...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: Not at present. The landlord window of opportunity is a bit tight, but I wanted to align it with the residential aspect and then review both next year and then we will see what we will do. Is Deputy Doherty telling me I should make an announcement prior to the budget?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: The grace period to March is in the-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I will have a look at that.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I will have a look at that between now and Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Michael Noonan: I could make a very sharp reply about looking in the mirror but I will refrain from it.