Results 1,881-1,900 of 27,945 for speaker:Michael McGrath

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: This section amends section 787K of Part 30 of the Taxes Consolidation Act to remove the upper age limit on personal retirement savings accounts, PRSAs. The amendment implements a recommendation of the report of interdepartmental pensions reform and taxation group with a view to improving and simplifying the pension regime in Ireland and leading towards a whole-of-life PRSA. A PRSA is a...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: At the age of 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: It is 75. They are currently locked out from the age of 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: If they have not drawn down already, then at 75.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: We will try to-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The changes that were introduced in 2013 still apply. In 2013, it was deemed that this was a form of tax planning which allowed PRSA holders to pass large funds on to their spouse, civil partner or dependants with favourable tax consequences. In order to address this where a fund has not commenced benefits and the PRSA holder reaches an upper age limit of 75, the fund is deemed to vest, at...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes, and will pay tax on that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I suggest that we provide a comprehensive note relating it back to the 2013 change, which had the anti-avoidance provisions. We will set out how those anti-avoidance provisions are continuing and what the impact of the change is. I believe the thrust of the Deputy's question is about the interaction between what we are doing now and what was done in 2013, and how we are protecting those...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Yes, the view of the interdepartmental group was that the anti-avoidance provisions are being maintained. Allowing access beyond the age of 75 does not dilute those anti-avoidance provisions. We will correlate the two issues in a note.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: It is not up to me. Normally it is only if an amendment-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The Deputy can table an amendment seeking a report.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank Deputies Nash and Doherty for their contributions. I said in my budget speech that for every tenant there has to be a landlord. In recent years we have seen a decline in the number of small investors in the market owning one or two properties. Some 86% of landlords in the market own one or two properties and they have a vital role to play. This section inserts a new section 480C...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: The amount of tax paid is determined by a range of factors. The principal one is the level of income earned under each category of income, including in case 5. While changes have been made in respect of the treatment of rental income, many people will have seen an increase in tax because their income has increased. That is a broad generalisation. I think the Deputy is referring to policy...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I thank the Deputies for their comments. I understand that Deputy Matthews's committee has been engaging with the RTB and the CSO on the classification differences and seeking to reconcile the data. When it comes to the CSO data, they are based on a person declaring they are a tenant but they may well be in the licensee category rather than being an actual tenant. Students or people...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: There have been different changes over recent budgets in the treatment of rental income, including when it came to retrofitting of rental properties, pre-letting expenditure and so on. There have been different changes and I am not going to give a broad characterisation of what those changes are. They speak for themselves. They have been enacted. Notwithstanding all of that, the evidence...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I have not examined effective tax rates across different categories of income over recent years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: What I do know is what Sinn Féin's policy is.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: Hold on now. Do I have the floor?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I can tell the Deputy what his policy is.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (7 Nov 2023)

Michael McGrath: I think we all know the Deputy despises landlords.