Results 9,441-9,460 of 16,537 for speaker:Brian Lenihan Jnr

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 106 and 107 together. A deed of covenant is a legally binding written agreement made by an individual to pay an agreed amount to another individual, without receiving any benefit in return. To be legally effective, it must be properly drawn up, signed, witnessed, sealed and delivered to the individual receiving the payments. Any amount can be paid under a...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I propose to take Questions Nos. 108 to 112, inclusive, together. The position in 2007 regarding tax bands and credits for a married couple is as follows. Standard Rate Band Married one income: €43,000 Married two income: Transferable: €43,000 Non-transferable: €25,000 Tax Credits Married Personal Credit: €3,520 Employee (PAYE) Credit: €1,760 The following five...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: It is presumed the Deputy is referring to the current annual earnings cap of €275,239 which operates to limit the level of tax-relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: Employer contributions to small self-administered pension schemes are treated as a trading expense. Employee contributions are netted off as deductions from an individual's income before arriving at the definition of income for tax purposes. I am informed by the Revenue Commissioners that figures of pension contributions by employers and employees are not captured in such a way as to provide...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that based on personal income tax returns filed by non-PAYE taxpayers for the years 2003 to 2006 inclusive, the latest year for which this information is available, the estimated amount of tax foregone by allowing a deduction for interest on borrowings to be offset against rents assessable under Case V, Schedule D is as set out as follows. Year...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that the cost to the Exchequer of all mortgage interest relief relating to borrowers' sole or main residences which was provided by way of tax relief at source (TRS) in each of the years 2004 to 2008 inclusive is as follows: Tax Year Cost €m 2004 230 2005 280 2006* 350 2007* 545 2008* 665 (revised estimate) *These figures are provisional...

Written Answers — Decentralisation Programme: Decentralisation Programme (2 Oct 2008)

Brian Lenihan Jnr: The Government decided on 8th July last that no further expenditure on the acquisition of accommodation for decentralisation should be sanctioned pending detailed consideration by the Government of two reports: one from the Decentralisation Implementation Group on the feasibility of phased moves by the State Agencies; and one from the Decentralisation Sub Group of the SMI Implementation Group...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: Using the data in the Pre-Budget 2009 income tax ready reckoner, a 4.5% increase in the value of the main personal credits (basic personal credit and employee credit) and the tax bands would cost about €645 million in a full year. The costs quoted are provisional, subject to revision and estimated to the nearest €5 million. The ready reckoner is available on my Department's website, at...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that if relief for health expenses was confined to the standard rate of income tax the saving to the Exchequer could be of the order of €155 million in a full year.

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: It is assumed that the Deputy is referring to the current annual earnings cap of €275,239 which operates to limit the level of tax relieved personal pension contributions in any one year. The annual earnings cap acts, in conjunction with age-related percentage limits of annual earnings, to put a ceiling on the annual amount of tax relief an individual taxpayer can obtain on pension...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: It is assumed that the Deputy is referring to the restriction of reliefs measure announced in Budget 2006, which took effect on 1 January 2007. It is estimated by the Revenue Commissioners that reducing the threshold of €250,000 and the marginal relief limit of €500,000 by the stated amounts would result in the following full year yields to the Exchequer in 2009: New threshold New...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the deductions and reliefs which are allowable for tax at an individual's marginal rate of income tax, other than pension contributions, and for which estimates of cost can be provided are set out as follows together with estimated costs for the year 2005, the most recent year for which the necessary detailed information is available except...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: The Deputy will be aware the matter of a carbon tax is being considered by the Commission on Taxation and the Commission is due to report by September 2009 at the latest. I am informed by the Revenue Commissioners that the estimated impact of a carbon tax at the levels suggested on the retail prices of energy sources are set out in the following table: Fuel Type Unit Price Carbon Tax €20...

Written Answers — National Partnership Agreement: National Partnership Agreement (2 Oct 2008)

Brian Lenihan Jnr: Based on current staffing and numbers, it is estimated that the cost of implementing the pay increases provided for in the draft Agreement will be approximately €260m in 2009. The additional cost of the carryover of the last pay round is approximately €360m. No increased provision will be made in the pay bill for increments. Year-to-year increases in allocations would not normally be...

Written Answers — Tax Code: Tax Code (2 Oct 2008)

Brian Lenihan Jnr: I am advised by the Revenue Commissioners that the information requested by the Deputy is as follows in respect of the income tax years 2007, 2008 and 2009. Tax year Exempt (Standard rate liability fully covered by credits or Age Exemption Limits) Marginal Band Paying tax at the standard rate (including those whose liability at the higher rate is fully offset by credits) Higher rate...

Written Answers — Tax Yield: Tax Yield (2 Oct 2008)

Brian Lenihan Jnr: I am informed by the Revenue Commissioners that, as the information furnished on tax returns does not generally require the yield from a particular sector or sub-sector of economic activity to be identified, the precise figures of net yield of tax revenues from the construction industry cannot be readily identified. Information in relation to VAT, Income Tax and Corporation Tax can, however,...

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: Whose salary is the Deputy querying?

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: It is closer to the lower figure and subject to tax.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: I would like to assist the House.

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages (1 Oct 2008)

Brian Lenihan Jnr: If the Deputy has a short question, I will yield to him.