Results 1,101-1,120 of 9,563 for speaker:Jack Chambers

Written Answers — Department of Finance: Banking Sector (8 Oct 2024)

Jack Chambers: I note the Deputy's query regarding individual savings accounts. With regard to individual savings accounts, it will be of interest to the Deputy that my Department published the Terms of Reference for a review of Ireland’s funds sector - ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ last year. A draft report was submitted to me for...

Written Answers — Department of Finance: Departmental Expenditure (8 Oct 2024)

Jack Chambers: I wish to advise the Deputy that the following payments were made in 2023 and to-date in 2024. Please note that the surveys completed by Behaviours and Attitudes marked with * are fully recoupable from the Banks. The survey completed by OECD marked with # is partially recoupable from the CCPC. They pay 50% of the costs, and the department covers the other 50%. Date ...

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: I announced on Budget Day that a new 6% rate of Stamp Duty will be applied to the value of residential property in excess of €1.5 million (so increasing the rate applied to that element of a property's value from 2% to 6%), and that the higher rate of Stamp Duty on bulk acquisitions of houses is to be increased from 10% to 15%. Both of the increased rates apply to all relevant...

Written Answers — Department of Finance: Budget 2025 (8 Oct 2024)

Jack Chambers: Section 599 of the Taxes Consolidation Act 1997 (‘TCA 1997’) provides for relief from Capital Gains Tax (‘CGT’) on the disposal of qualifying assets by individuals aged 55 years or more to a child, as defined in the section. Following the enactment of Finance (No.2) Act 2023, where an individual aged 55 to 69 years, inclusive, transfers qualifying assets to a...

Written Answers — Department of Finance: Housing Schemes (8 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 114, 115 and 116 together. In relation to the Deputy's question on increasing the maximum relief available under Help to Buy by increments of €5,000 up to €50,000, I am advised by Revenue that there is no information available to it to provide an estimate of this proposal, as the tax paid by potential future applicants is unknown. In...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Vacant Homes Tax (VHT) is a self-assessed tax, and the number of properties in scope and the amount of tax payable, depend on the returns submitted by property owners, the number of properties declared as liable, and the number of property owners entitled to claim available exemptions from the tax. The first chargeable period for VHT commenced on 1 November 2022 and ended on 31...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, as landlord and tenant status is not captured on the tax return in respect of vendors and purchasers, there is no data from which Revenue can estimate the cost of this proposal.

Written Answers — Department of Finance: Tax Credits (8 Oct 2024)

Jack Chambers: I am advised by Revenue that as the amount of rent tax credit available to a taxpayer is dependent on the rent paid, it is not possible to provide a precise estimate for each €100 increase in the value of the credit. Revenue has provided the data in the table below setting out estimated additional costs associated with a range of potential increases in the value of the credit. It...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers is in the order of €55 million. This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers,...

Written Answers — Department of Finance: Tax Reliefs (8 Oct 2024)

Jack Chambers: The Residential Premises Rental Income Relief (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 the tax years 2026 and 2027, which is equivalent to a tax credit of up to €600, €800 and €1,000 respectively. ...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97B of the Taxes Consolidation Act 1997 which provides a deduction from rental income for expenses incurred by landlords in retrofitting residential rental properties. The deduction was introduced in Finance Bill 2022 to incentivise retrofitting of residential rental properties and to encourage landlords to retain these properties in the rental market. The estimated cost of the...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: Section 97A Taxes Consolidation Act 1997, introduced in Finance Act 2017, allows a deduction (capped at €10,000 per premises) from rental income for certain pre-letting expenditure on properties which have been vacant for at least six months and are subsequently let. To qualify, the expenditure must be incurred in the twelve months immediately prior to the letting. Finance Act 2022...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: While most Member states apply the standard rate to construction services, Ireland historically has applied a 13.5% reduced rate of VAT to all construction services (residential and non –residential) under a derogation from the EU VAT Directive. This derogation however has significant restrictions including that the rate cannot be reduced below 12%. Since April 2022, under Annex...

Written Answers — Department of Finance: Tax Data (8 Oct 2024)

Jack Chambers: The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing, rather than to raise revenue. ...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: I appreciate the points the Deputy has raised on the behalf of those with dyslexia, dyscalculia or other challenges who are engaging in State examinations. I will ask the Minister for Education, Deputy Foley, who I am sure the Deputy has engaged with, to respond to this campaign. The Department of Education is responsive to the needs of many students in how it supports them, for example,...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: As I have said in reply to others, the Government is hugely committed to supporting the nursing and midwifery workforce. There are over 27,000 more staff working in our health system than there were at the beginning of 2020. That is a 23% increase over this period and includes more than 9,000 additional nurses and midwives. OECD statistical data shows that Ireland has more practising...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: As the Deputy will be aware, the Central Bank and the Department of Finance have advanced significant reforms in this area to support households that face difficulties with their mortgages. There is a clear framework for how that engagement is meant to occur. If there are specifics that the Deputy wants to raise with my office, we will engage with him on the issue.

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: As a Government, we introduced temporary reductions in excise rates of 21% and 16% per litre of petrol and diesel, respectively, in 2022, when energy prices in our economy were very high. That was worth approximately €1.2 billion to consumers. We gradually changed excise rates as the global price of petrol and diesel fell. Fuel prices in our economy have fallen significantly. They...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: I thank the Deputy. The area of road safety is one over which I previously had responsibility. I know the Minister of State, Deputy Lawless, and the Minister, Deputy Eamon Ryan, are putting intensive work into supporting a lot of road safety policy areas. That is being advanced in the context of the road traffic legislation this year and other reforms intended to support pedestrians and...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (3 Oct 2024)

Jack Chambers: I thank the Deputy. I am not familiar with the specific operational matters that may have been set out by the OPW. I appreciate the point the Deputy has raised for residents and the wider community in the area. I will reflect that to the Minister of State with responsibility for the OPW. It is important that the OPW responds to the concerns and needs of residents and the wider community...