Results 1-20 of 2,189 for apply speaker:Michael McGrath

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: ...vacant homes tax is to increase the supply of homes for rent or purchase by encouraging the owners of vacant, habitable, residential properties to bring those properties back into use. The tax applies to residential properties that are within the scope of local property tax (LPT) only. It does not apply to properties that are derelict or uninhabitable. The tax seeks to achieve an...

Written Answers — Department of Finance: Middle East (28 May 2024)

Michael McGrath: ...with international law, Ireland distinguishes between the territory of the State of Israel and the territories occupied since 1967 and it ensures that any bilateral agreements with Israel do not apply to the occupied territories. A whole-of-Government approach is applied to this policy of differentiation. The Government has made clear that all Israeli settlements in the occupied...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: ..., that precludes the landowner from developing it. It is assumed that the Deputy’s query refers to Business Relief from Capital Acquisitions Tax. There is no specific exemption from RZLT that applies to land which meets the conditions for Business Relief from Capital Acquisitions Tax. However, it may be possible that such land may fall within one of the exclusions or exemptions...

Written Answers — Department of Finance: Tax Data (28 May 2024)

Michael McGrath: ...a market value of €3 million. The amendments extend the upper age limit for the relief from 65 until the age of 70. The reduced relief which was available on disposals from age 66 onwards will now apply from age 70. The amendments also introduced a new lifetime limit of €10 million on the value of qualifying assets in respect of which relief is available for disposals...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: ...a result of an injury, disease, congenital deformity or physical or mental illness, or defect, suffer from a loss of physical or mental faculty resulting in a specified degree of disablement, may apply for a refund of VAT incurred on qualifying goods. Qualifying goods are defined as goods other than mechanically propelled road vehicles which are aids or appliances, including parts and...

Written Answers — Department of Finance: Housing Schemes (28 May 2024)

Michael McGrath: ...Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme. Help To Buy only applies where a mortgage is taken out to purchase or build a home and where the value of the qualifying loan is a minimum of 70% of the ‘purchase...

Written Answers — Department of Finance: Mortgage Interest Rates (28 May 2024)

Michael McGrath: From a consumer protection and macro prudential perspective, there are a number of regulatory measures which apply to the provision of new residential mortgage credit to consumers. These include the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, the Central Bank Consumer Protection Code and the Central Bank macroprudential mortgage lending rules. These measures...

Written Answers — Department of Finance: Tax Exemptions (28 May 2024)

Michael McGrath: ...understand that officials in my Department have engaged with their counterparts in the Department of Health in relation to this matter and have advised them that the VAT exemption in question will apply from the date of registration by the Counsellors and Psychotherapists Registration Board.

Written Answers — Department of Finance: Housing Schemes (23 May 2024)

Michael McGrath: ...Tax (DIRT) paid in the State over the previous four years, subject to certain conditions being met. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the HTB scheme. A HTB claimant must make an application confirming he or she meets various conditions, including that he or she is a “first-time purchaser” and that the new...

Written Answers — Department of Finance: Tax Data (23 May 2024)

Michael McGrath: ...a demand notice on 8 May 2024 giving one final opportunity to address their debt and avail of the 0 per cent interest rate on that debt. With effect from 15 May, Revenue’s systems were updated to automatically apply the standard interest rates of 8 per cent and 10 per cent on any outstanding warehoused debt. The next step for those who haven’t engaged on foot of the demand...

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

Michael McGrath: ...integral to the conduct of the business benefit from lower rates of BIK. The Deputy should note that as a cost of living measure, I provided in 2023 for a temporary universal relief of €10,000, which applied to the Original Market Value (OMV) of vehicles in Category A-D in order to reduce the amount of BIK payable. This measure included cars and vans and meant that, for the...

Written Answers — Department of Finance: Banking Sector (23 May 2024)

Michael McGrath: ...for Finance, and the Central Bank may also carry out a review on its own initiative. A provision to address local deficiencies in the ability to access cash, notwithstanding compliance with the criteria applying to the wider NUTS3 region, will be included in the legislation. The Access to Cash Bill 2024 has been carefully drafted to ensure that it is constitutionally robust. Accordingly,...

Written Answers — Department of Finance: Tax Reliefs (22 May 2024)

Michael McGrath: From 1 January 2023, new rates of benefit-in-kind (BIK) were applied to the provision of an employer provided car, which take into account the CO2 emissions of the car. As a consequence, lower rates of tax will generally apply to cars that are more environmentally friendly. Employer provided car The amount taxable as a BIK remains determined by the cars original market value (OMV) and...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: ...reference to the value of the property received. Where a person receives gifts or inheritances that are in excess of the relevant CAT tax-free threshold (Group threshold), CAT at a rate of 33% applies on the excess. The relationship between the person providing the gift or inheritance (the disponer) and the beneficiary determines the Group threshold below which CAT does not arise. Any...

Written Answers — Department of Finance: Tax Code (22 May 2024)

Michael McGrath: ...are obliged to operate an exit tax regime and remit the tax deducted in this manner to Revenue. This ensures that appropriate tax is collected from Irish investors. This charge to tax does not apply in the case of unit holders who are non-resident. In the case of non-resident investors’ liability to tax on gains from the fund will be determined in their home jurisdiction. The...

Written Answers — Department of Finance: Tax Exemptions (22 May 2024)

Michael McGrath: ...understand that officials in my Department have engaged with their counterparts in the Department of Health in relation to this matter and have advised them that the VAT exemption in question will apply from the date of registration by the Counsellors and Psychotherapists Registration Board.

Ceisteanna ar Sonraíodh Uain Dóibh - Priority Questions: Tax Credits (21 May 2024)

Michael McGrath: ...and tuition fees, may also have contributed to the overall amount of refunds issued. A further 2,119 claimants are either in a balanced position or had an underpayment reduced by the mortgage interest tax relief being applied to their record. An additional 259 claimants are not in a position to benefit as they did not pay any income tax in 2023. Information is not yet available for...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: ...maps each local authority determines whether the zoned land is connected or able to connect to the six required categories of services. Any exclusions which would rule the land out of scope were applied. Each local authority then publishes a draft RZLT map identifying the land which meets the requirements of the legislation and which may be liable to the tax. It is important that...

Written Answers — Department of Finance: Banking Sector (21 May 2024)

Michael McGrath: There are a number of regulatory measures which apply to the provision of new residential mortgage credit, including bridging finance for such a purpose, to consumers. These include the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and the Central Bank Consumer Protection Code (2012). These measures place a number of obligations on lenders in relation to the...

Written Answers — Department of Finance: Tax Code (21 May 2024)

Michael McGrath: ...monitoring this area and engaging with Revenue on this matter through continually reviewing the latest statistics on the impact of the higher stamp duty rate. The higher stamp duty rate has applied to less than 1% of residential property transactions between May 2021 to end-2023, and has applied to less than 2% of total new dwellings completed since 20 May 2021. Data shows that a yield...