Results 1-7 of 7 for 5 million segment:6062551

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Pearse Doherty: Has the Minister of State figures for the number drawing down the 5% of those funds valued at less than €2 million? How many of the funds are not drawing down the 5%?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Pearse Doherty: One of the changes to section 17 is the annual rate of imputed distribution applying to AMRFs and vested PRSAs. What is the motivation for that reduction from 5% to 4% for AMRFs with a value of less than €2 million? It was 3% prior to the Finance Bill 2011 and increased to 5%. We know that people can hold on to these funds and not draw down for retirement benefit. The idea of this...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: ...concern is that these funds will run out because people are living longer. It is designed to slow down the process to ensure a pension pot lasts longer. The current imputed distribution rate of 5% per annum applying to AMRFs invested in PRSAs with assets of €2 million or less is higher than the current yields or interest rates paid on most single or joint life pension annuities...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am informed that approximately 90% of AMRFs are valued at less than €250,000. While this might seem like a lot of money, in the case of an individual retiring at the age of 60 or 65, it is clearly not because the money may have to last both the individual and spouse or partner for a period of time of 25 years or more. The Finance Bill amendment reduces the imputed AMRF distribution...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Pearse Doherty: ...that it was critical we attracted people to help create more jobs, that the projected cost of the relief for up to 100 individuals, which never materialised, over a period of time was between €3 million and €5 million and that it was very modestly targeted. I stated it was open-ended and contained no requirement to produce one job in the State, which it does not. Deputy...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Richard Boyd Barrett: ...14% was bandied about at one stage, which was truly mystifying. Revenue's CTS1 statistics table on corporate tax tells its own story, and the suggestions that corporations pay anywhere close to 12.5% are exposed when one looks at the CTS1 table. Revenue helpfully breaks down the tax cases in the corporate sector into categories of profitability, starting with bands from €1 to...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Michael Noonan: ...quite successful and the success rate can be measured in the new measures it has taken but also in the fact that since 2011, 30 oil laundries have been closed down. It has seized in excess of 3 million litres of illicit fuel and closed 120 filling stations for various breaches. Revenue dips at filling stations but its principal success is due to a Finance Act in which we made it...