Results 921-940 of 9,116 for speaker:Jack Chambers

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: I am advised by Revenue that the amount of income tax that an Irish tax resident individual must pay on income depends on a number of factors. In general, an individual will be charged to tax at the standard rate (20%) up to what is known as the standard rate cut off point. The standard rate cut off point for 2024 is €42,000 per individual. Any income earned in excess of that is...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: Section 118(5G) of the Taxes Consolidation Act 1997 (TCA) provides for the Cycle to Work Scheme. This scheme offers an exemption from benefit-in-kind (BIK) where an employer purchases a bicycle and/or associated safety equipment for one of their employees (or directors) to use, in whole or in part, to travel to work. Associated safety equipment may include items such as helmets, lights,...

Written Answers — Department of Finance: Tax Exemptions (9 Sep 2024)

Jack Chambers: As the Deputy will be aware the age exemption applies for any year of assessment where an individual is aged 65 years and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total income...

Written Answers — Department of Finance: Tax Credits (9 Sep 2024)

Jack Chambers: Section 216D of the Taxes Consolidation Act 1997 provides that up to €400 per year of profits arising to an individual from the generation of electricity from renewable, sustainable or alternative sources of energy at the individual’s sole or main residence (referred to as the microgeneration of electricity) is exempt from Income Tax, USC and PRSI. The exempt amount was...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Table 1 below sets out the current value of the standard rate bands that apply to different household types: Table 1 – 2024 Income Tax Standard Rate Bands Personal Circumstances Standard Rate Bands Single €42,000 Single Person qualifying for the SPCCC* €46,000 Married/civil partner – one earner €51,000 Married/civil partner –...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: Mortgage Interest Tax Relief is a one-year temporary relief, which is available to taxpayers in respect of their principal private residence in the State, where the outstanding mortgage balance was between €80,000 and €500,000 as of 31 December 2022. The relief also extends to a qualifying property located in the State, which is the sole or main residence of the...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: Budget 2024 contained a suite of measures in the context of housing policy including the introduction of a new tax relief known as Residential Premises Rental Income Relief (RPRIR). RPRIR provides relief, at the standard rate, on a portion of a landlord’s residential rental income. The relief is €3,000 in the tax year 2024, €4,000 in the tax year 2025 and €5,000 in...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: The reduced VAT rate of 13.5% applies to the following energy products and supplies: - The supply of coal, peat and other solid substances offered for sale solely as fuel. - The supply of hydrocarbon oil of a kind used for domestic or industrial heating, excluding gas oil (within the meaning of section 94(1) of the Finance Act 1999), other than gas oil which has been duly marked in accordance...

Written Answers — Department of Finance: Tax Reliefs (9 Sep 2024)

Jack Chambers: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: In relation to the tax advisory group I assume the Deputy is referring to the Commission on Taxation and Welfare. The Commission on Taxation and Welfare published their report 'Foundations for the Future: Report of the Commission on Taxation and Welfare' on 14 September 2022, it is available on www.gov.ie/en/publication/7fbeb-report-of-the-commission/. Chapter 7 of the report examines and...

Written Answers — Department of Finance: Tax Code (9 Sep 2024)

Jack Chambers: Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances. For CAT purposes, the relationship between the person giving a gift or inheritance (i.e. the disponer) and the person who receives it (i.e. the beneficiary) determines the maximum amount, known as the “Group threshold”, below which CAT does not arise. The Group A threshold is currently set at...

Written Answers — Department of Finance: Tax Yield (9 Sep 2024)

Jack Chambers: The Revenue Commissioners publish data on a number of taxes on a per-county basis, available at: www.revenue.ie/en/corporate/information-about-revenue/statis tics/receipts/receipts-county/geographical-breakdown-of-net- receipts.aspx The figures do not correspond precisely to Exchequer tax heads: for example, the Revenue data are only published on certain components of income tax whereas...

Written Answers — Department of Finance: Primary Medical Certificates (23 Jul 2024)

Jack Chambers: The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. However, this is very much a matter for Government as whilst...

Written Answers — Department of Finance: Tax Yield (23 Jul 2024)

Jack Chambers: I am advised by Revenue that the estimated yield that would be generated by increasing the rate of residential stamp duty from 1% to 2% for residential property of values between €700,000 and €1 million and increasing the rate of residential stamp duty from 2% to 5% for residential property of values above €1 million is published on page 18 of the Ready Reckoner,...

Written Answers — Department of Finance: Tax Credits (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, the Programme for Government, “Our Shared Future”, states that “From Budget 2022 onwards, in the event that incomes are again rising as the economy recovers, credits and bands will be index linked to earnings. This will be done to prevent an increase in the real burden of income tax, to prevent more low income workers being taken into the tax...

Written Answers — Department of Finance: Financial Services (23 Jul 2024)

Jack Chambers: The CSO Register of Public Sector Bodies sets out the background and methodology applied to the classification of the general government sector. As set out in the Register, Microfinance Ireland (MFI) and the Strategic Banking Corporation of Ireland (SBCI) are classified as non-commercial entities within the general government sector. Therefore, the expenditure of these entities are included...

Written Answers — Department of Finance: International Programmes (23 Jul 2024)

Jack Chambers: As the Deputy will be aware, Ireland's most recent IMF Financial Sector Assessment Programme took place in 2022, resulting in 19 recommendations for the Irish authorities to take forward. An update on the implementation of the 2022 FSAP was most recently published in December 2023 as part of Ireland’s 2023 Article IV Consultation. The report can be found on the IMF website at the...

Written Answers — Department of Finance: Tax Code (23 Jul 2024)

Jack Chambers: The Credit Institutions Resolution Fund (the Resolution Fund) and the Credit Union Stabilisation Fund (the Stabilisation Fund) are currently the subject of ongoing reviews. Consultation papers on both funds were issued to stakeholders on Friday 12 July 2024. These consultations are on foot of a request in September 2023 by my predecessor that the Department complete a comprehensive review of...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: At the end of March 2024, the total amount of house loans outstanding, reported by credit unions in prudential returns submitted to the Central Bank, was €614.9 million. At the end of March 2023, the total amount of house loans outstanding reported was €364.9 million. For credit unions reporting house loans, the average house loan was €115,844 at 31 March 2024, an...

Written Answers — Department of Finance: Credit Unions (23 Jul 2024)

Jack Chambers: At the end of March 2024, the total amount of business loans outstanding, reported by credit unions in prudential returns submitted to the Central Bank, was €173.76 million. At the end of March 2023, the total amount of business loans reported was €151.45 million. For credit unions reporting business loans, the average business loan was €22,744 at 31 March 2024, an...