Results 1-20 of 23 for prsa speaker:Pearse Doherty

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Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Pearse Doherty: This is in relation to the benefit-in-kind, BIK, exemption for employer contributions to PRSA legislation that was introduced in the Finance Act 2022. It appears to me that this is facilitating aggressive tax planning. It also appears to me that the Department was warned this was happening, probably on more than one occasion. It was also warned prior to its introduction that it would or...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Pearse Doherty: ...equity in our tax system, to control revenue and to prevent abuse. The changes made by the Minister, Deputy Donohoe, undermined all of those objectives. Previously, employer contributions to PRSAs were subject to income tax and USC. While a portion of those contributions could receive tax relief under the age-related percentage limit – something the Minister, Deputy Donohoe,...

Ceisteanna Eile - Other Questions: Tax Reliefs (10 Apr 2024)

Pearse Doherty: ...of the interdepartmental group on pensions and tax reform but it is a clear misunderstanding of the reading of the group's recommendation, which was to abolish the differential treatment of the PRSA for funding purposes compared to occupational schemes. That was not done. Occupational schemes are benefit-limited. The changes made to PRSAs has totally reversed the position rather than...

Written Answers — Department of Finance: Tax Code (9 Apr 2024)

Pearse Doherty: .... To ask the Minister for Finance to confirm if his Department received a submission in June 2022 from an organisation (details supplied) regarding the tax treatment of employer contributions to a PRSA; his views on the organisation’s view that “if the current BIK charge on employer PRSA contributions is removed and such contributions are no longer considered for tax purposes...

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024)

Pearse Doherty: 185. To ask the Minister for Finance the maximum amount, in nominal terms, that a company or proprietary director can fund a single PRSA through an employer contribution in a single year with full tax deductibility; and if he will make a statement on the matter. [7399/24]

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024)

Pearse Doherty: ...ask the Minister for Finance if he is satisfied that the recommendation of the Report of the Interdepartmental Pensions Reform and Taxation Group of 2020, that “the differential treatment of the PRSA for funding purposes should be abolished, employer contributions should not be subject to BIK”, was implemented in whole or in part; his views on whether the manner in which this...

Written Answers — Department of Finance: Tax Exemptions (15 Feb 2024)

Pearse Doherty: ...Minister for Finance his views on the appropriateness of a company or proprietary director withdrawing up to €2.15 million from a company in a single year through an employer contribution to a PRSA, and availing of full tax deductibility, including corporation tax relief; and if he will make a statement on the matter. [7404/24]

Finance (No. 2) Bill 2023: Report and Final Stages (22 Nov 2023)

Pearse Doherty: I move amendment No. 36: In page 25, after line 37, to insert the following: “Report on Anti-Tax Planning Measures with respect to PRSA Products 20.The Minister shall, within six month of the passing of this Act, prepare and lay before Dáil Éireann a report on the removal of the 75-year age restriction which applied to payments from new and existing Personal Retirement...

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

Pearse Doherty: ...now, perhaps a note could be provided between now and Report Stage. It is a question of what Michael Noonan did when he was Minister for Finance, which was to stop that tax planning where a PRSA owner never took the benefits from the PRSA and therefore the taxes were avoided and the assets were passed tax-free to a surviving spouse.

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

Pearse Doherty: No. Three things happened to create a disincentive to hold on to a PRSA until the age of 75. The first was a crystallisation event. The second was the imputing. The third was that the person was locked out. However, if the person is no longer locked out, is the Minister not taking away one of the big disadvantages from this type of tax planning? We need to bear in mind that many people...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Pearse Doherty: ...to the application of benefit-in-kind, BIK, in that the employer contributions and the contributions on behalf of an employee from an employer in regard to a personal retirement savings account, PRSA, are no longer considered benefit-in-kind. Has the Department done any analysis of the increased cost of the tax relief on pension contributions following this change? That is my first question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Pearse Doherty: When we are talking about one-member schemes, for occupational schemes and PRSA schemes are the employer contributions subject to age-related percentage limits?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2022: Committee Stage (Resumed) (15 Nov 2022)

Pearse Doherty: Now that the proprietary director can pay himself or herself, or impact his or her remuneration package, under a PRSA which is not subject to the age limit restrictions, that allows him or her to do something that was not available under the occupational scheme because there are limits in terms of the age-related percentage limits that kick in, but that do not kick in under PRSA.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: May we discuss the other amendments? Is it correct that a drawdown of 5% will be the imputed distribution on a vested PRSA?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: The imputed distribution is the same as an ARF. The legislation will deem a PRSA vested on the 75th birthday of the owner of the PRSA. The ARF has an imputed distribution of 4% at the age of 61 and 5% at the age of 71, but if the legislation forces it to be vested at 75, the 4% will not be applicable.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: I appreciate that and I welcome the substance of the amendment and the amendment to the amendment. The issue I want to deal with is twofold so I will separate it out. One is on the vesting of the PRSA and the date at which it happens. I then want to discuss the transfer of the assets on death and how that will apply. I will focus on the first part of it first. If one has an ARF, there is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: ...taxation back. I am trying to figure out why, for an ARF, we have an age of 61 for 4% and 71 for 5% and then 6% if the pension pot is above €2 million but we now have a different age of 75 for a PRSA. Why could that not be earlier? This is an issue of tax planning because the longer the imputed distribution does not take place, the more beneficial it is to the individual.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: ...'s officials before Report Stage and get a paper on it. Does it have to be 75 years of age? Has a decision been made that it is a fair enough age for this calculation to kick in and for the PRSA to be deemed vested?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (10 Nov 2016)

Pearse Doherty: The second part is on the transfer of the PRSA to a family member after death. Prior to this, one was able to transfer it tax free. Now it will be deemed to have the same standing as an approved retirement fund, ARF. My question is on the tax treatment of the passing of ARFs to family members. Somebody with a PRSA of €2 million, that is a pension pot of €2 million, has built...