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

Pearse Doherty: ...for the provision for medical card holders, which was coming to an end, as proposed by Sinn Féin, and the rate of 4.5% being reduced to 4%. As the Minister will be aware, the latter rate applies to individual incomes above €25,760. Hence, it has a distributional impact that benefits higher incomes more. For example, if one is on €75,000, one's benefit from this measure...

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

Michael McGrath: ...charges, namely, the health and the income levies. The primary purpose of the USC was to widen the tax base and to provide a steady income to the Exchequer, to provide funding for public services. The USC is applied at a low rate on a wide base. This ensures that it is a stable and sustainable source of revenue for the State. For 2024, it is estimated that the USC will yield in the...

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

Gerald Nash: ...that was stolen.”.”. This relates to the benefit-in-kind relief for bicycles. This and the other amendment taken in this grouping are issues I raised last year. The benefit-in-kind regime that applies to bikes involves exemption for four years but it does not include the extension of that exemption to anybody who may have a bike stolen. This week, I read that the...

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

Gerald Nash: ...of an employee-employer relationship. I will note that the rent tax credit for a student can be claimed by parents. The Minister is making provision for that. The same principle should apply to his consideration of this proposal, which would be welcomed by young people and parents and would get more people out of cars and onto bikes in an affordable way. The Minister mentioned a...

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

Pearse Doherty: This section clarifies that there is no four-year rule in relation to Revenue being able to look back, which has always been the case or always was our understanding of the law as it applied to Revenue. Therefore, I have no issue with this clarification going into the finance Act. I ask the Minister to outline why this has now been introduced as a legislative change given that we expect...

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

Michael McGrath: ...being made in respect of USC, to reflect the four-year time limit. There are a number of provisions in the tax Acts which implement time limits. The general rule is that a four-year time limit applies to taxpayers when claiming reliefs for allowances and to Revenue when making assessments unless fraud or neglect is suspected, or no tax return has been filed. Although a time limit...

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

Michael McGrath: This section extends the €10,000 deduction for benefit-in-kind purposes applied to the original market value of a car or van in categories A to D as well as the amendment to the lower limit of the highest mileage band for a further year to the end of December 2024. These measures were originally introduced as temporary measures in the Finance Act 2023 earlier this year and they also...

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

Michael McGrath: That is correct. The benefit-in-kind will apply on the value over €45,000. When we come to the VRT issue there is a cap but with regard to benefit-in-kind it applies to the excess and it is reduced by €45,000.

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

Michael McGrath: I thank Deputy Doherty. What he is suggesting is that the open market value reduction would not apply to vehicles above a certain value in the case of electric vehicles.

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

Michael McGrath: ...support. Eligibility for the credit is also being extended to parents who pay for their student children’s rental accommodation, or in the case of the rent-a-room scheme accommodation or digs. This change will apply retrospectively to 2022 and 2023. Parents could previously only claim the credit in respect of their qualifying student children in the case of accommodation...

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

Rose Conway-Walsh: ...exemption from employer PRSI for share-based remuneration should be subject to an appropriate cap per employer, or alternatively that consideration could be given to limiting the relief so that it applies to SMEs only. The Department of Finance informed us that the total cost of this PRSI exemption is estimated at €275 million but it could not break down the cost according to SME...

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

Pearse Doherty: ...is to what we put on the table, despite all the criticism. I am sure on budget night many people were trying to delete their comments because it is extremely similar in the nature of how it would apply. We argued that it should be 30%. The Government has introduced it at 20%. We argued that the maximum benefit should be €1,500, yet the Government brought it in at €1,250....

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

Michael McGrath: ...of the increase in the interest paid between the calendar year 2022 compared with the calendar year 2023. The value of the relief will be equal to the lesser of 20% of the increased interest paid or €1,250, applying on a per property basis, resulting in a maximum relief of €1,250 per property. Pro ratarelief will be applied in circumstances where the interest paid in 2022...

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

Pearse Doherty: ...of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of temporary mortgage interest relief, available in respect of mortgages on principal private residences, applied at source on a monthly basis and equivalent to 30 percent of the difference in interest paid in the relevant month relative to interest paid in the relevant month under the...

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

Michael McGrath: ..., recreational sport and sport into section 235. The definitions are taken directly from the Sport Ireland Act 2015, and including them in this section is intended to provide clarity as to what bodies are eligible to apply for tax exemption. The section also inserts a grandfathering clause which allows bodies already granted the tax exemption under this section to retain it subject to...

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

Michael McGrath: ...sport" and "sport". The definitions are taken directly from the Sport Ireland Act 2015, and including them in this section is intended to provide clarity as to what bodies are eligible to apply for tax exemption. The amendment also inserts a grandfathering clause which allows bodies already granted the tax exemption under this section to retain it subject to the conditions under which it...

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

Pearse Doherty: That is appreciated. The issue is that they would not be able to avail of it in the future if they are newly established and applying for it. The grandfathering will only apply to existing organisations.

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

Pearse Doherty: ...contracts, RACs. I have a specific question. No new contract can be approved after 1 January of next year. What happens to the existing RACs that have been approved? Can top-ups still be applied? Can they continue to make contributions and benefit from the existing criteria?

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

Michael McGrath: ...in the PRSA. Where the funds are maintained in the PRSA, the beneficiary has the facility to draw down an income as they see fit. Drawdowns are taxable under Schedule E and the normal annual thresholds apply. Under the current treatment, when the beneficiary reaches the age of 70 and has not commenced taking benefits from the scheme, the fund is deemed to vest and the PRSA holder is not...

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...