Results 1,521-1,540 of 34,585 for speaker:Seán Fleming

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: As the Deputy rightly pointed out, this legislation, bearing in mind its original intention, has improved significantly in respect of identifying the identities of investors. If they are Irish, they will have to produce their PPS number, or the equivalent across the EU. Apart from that, a person will have to produce a passport. The Deputy has indicated that a company may sometimes have an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: The proposed amendments regarding beneficial ownership, which relate to the earlier stage, will enable the public to access certain beneficial ownership information regarding investors in an investment limited partnership and will ensure that the highest international transparency standards apply to the investment limited partnership. Part 5 of the Bill amends the Social Welfare...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: It will be in the register of beneficial ownership, which will be maintained by the Central Bank. It will not be in the annual return. To get approval for a fund, the general partner has to lodge this information, and any amendment thereto thereafter, with the Central Bank. There is a register of beneficial ownership, which is separate from the annual return. That is where the names of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: There may be a small fee to inspect the register. I cannot confirm that yet. These names will, however, be on the Central Bank register.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: If an individual invests, it is clear who he or she is. If a company invests, one will know who the shareholders are. The beneficial ownership threshold is clearly 25% so if there are three investors in a company which holds more than 25% of shares in a fund, the three beneficial owners have to be made known. It is not the case that a company must only declare one beneficial owner. Once...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Limited Partnerships (Amendment) Bill 2020 [Seanad]: Committee Stage (2 Dec 2020)

Seán Fleming: I thank the Deputy. On that issue, the Central Bank is the regulator of these funds. It is seen internationally as a very strong regulator. The Deputy points to the history in this area. There has been a strong response to that history with regard to improvements in how the Central Bank deals with this area and the level of supervision it provides. The usual complaint I get is that it is...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: Members who were here for the debate know we had a discussion on these three amendments which were grouped for discussion purposes. There was one discussion on the three amendments. It was a group discussion and there was no separate discussion on each amendment. The grouping order was accepted by all Members before the debate commenced. It was agreed to discuss the three amendments...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: I move amendment No. 12: In page 44, between lines 3 and 4, to insert the following: “Insertion of Schedule 9 in Act of 2010 66. The Act of 2010 is amended by the insertion of the following Schedule after Schedule 8: “SCHEDULE 9 Section 2(4A) NON-APPLICATION OF SECTION 2(4A) TO CERTAIN PROVISIONS OF ACT Part 1 Section 33 Section 34 Section 35...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: I move amendment No. 13: In page 46, between lines 3 and 4, to insert the following: “Amendment of Finance Act 1999 73.The Finance Act 1999 is amended— (a) in section 94— (i) in subsection (1), by the deletion of the definition of “Member State”, (ii) in subsection (3), by the substitution of “Subject to subsection (3A), a word” for...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: I move amendment No. 10: In page 42, line 14, to delete "€175" and substitute "€75".

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: It is not agreed.

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: It was not accepted. I agreed that we would accept amendment No. 11 if amendment No. 10, to retain the €75, was agreed. Deputy Howlin has not accepted that. It was his decision not to accept it.

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: In the interest------

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: I move amendment No. 10: In page 42, line 14, to delete "€175" and substitute "€75".

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: We have had a discussion on this topic for the past couple of hours. It is very important that all of the views would be discussed but this is one issue on which we have not arrived at a consensus. The Bill before us contains approximately 120 sections and 50% of them relate to the Department of Finance. The entire essence of everything we have done relates to various arrangements between...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: Amendment No. 9 seeks to delete the section of the Bill that provides for a threshold for the retail export scheme. As referenced by Deputy Seán Crowe, the explanatory memorandum to the Bill refers to the original provision that the value of qualifying goods must exceed €175 in order for third-country residents to qualify for the scheme. It also requires UK citizens to show...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: Section 59 provides for a reduced rate of capital gains tax on investment gains accruing to fund managers in respect of investment in venture capital funds. This section is amended so that investments made in the UK can be taken into account in the calculation of the amount of relief. It is a capital gains tax measure. We need to provide for gains in the UK to be taken into account in...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: I can give the answer to that in respect of all the sections that have income tax or capital gains tax. We are only changing Irish law. We have no jurisdiction to change English law. It is a good question. Is it being reciprocated on the other side? It may or may not be. That is the answer. If it is not reciprocated on the other side, Irish and English taxpayers will be covered under...

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: It would depend on the place of residence of the taxpayer.

Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020: Committee and Remaining Stages (25 Nov 2020)

Seán Fleming: Under a double taxation agreement, the gain will only be taxed once on whatever is the higher rate of tax in either jurisdiction. That agreement already exists in any event regardless of Brexit. Let us suppose the tax rate on a particular item in Ireland is 30% and the tax rate in the UK happens to be 35%. Depending on where a person is settling his or her tax affairs and where he or she...