Results 1-18 of 18 for prsa speaker:Brian Lenihan Jnr

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Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: I do not accept there is any duty to accept that recommendation and I never conceded that in the debate. On the merits of the recommendation, the position is that the PRSA contribution is fully taxed under the current income levy. As Senators will be aware, the social charge is a merger of the health contribution and the income levy. It is correct that the health contribution element of it...

Seanad: Finance Bill 2011 (Certified Money Bill): Committee Stage (Resumed) (29 Jan 2011)

Brian Lenihan Jnr: ...recommendation appears to seek to grant relief from the charge in respect of payments to a personal retirement savings account made by an employer. An employer's contribution to an employee's PRSA is treated as a benefit in kind for income tax purposes. The employee is then entitled to claim personal tax relief, subject to the relevant ceilings, in respect of that contribution, as if he...

Written Answers — Tax Code: Tax Code (12 Jan 2011)

Brian Lenihan Jnr: ...Charge is applied to aggregate income before granting relief in respect of pension contributions. In this regard, an individual's personal contributions to a personal retirement savings account (PRSA), personal pension contribution, additional voluntary contribution or a retirement annuity contribution is disregarded for the purposes of determining the Universal Social Charge that an...

Written Answers — Pension Provisions: Pension Provisions (10 Nov 2010)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2007. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in the tables, which provide the...

Written Answers — Tax Code: Tax Code (15 Jun 2010)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2007. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in tables following this reply...

Written Answers — Pension Provisions: Pension Provisions (29 Apr 2010)

Brian Lenihan Jnr: ...does not require schemes to allow AVCs, the Pensions (Amendment) Act, 2002 requires any employer whose pension arrangements do not include an AVC facility to offer access to at least one standard PRSA to be used for AVC purposes. As AVCs are voluntary, individuals can decide on the level of such contributions they wish to make and they may reduce or cease contributions at any time....

Written Answers — Pension Provisions: Pension Provisions (8 Dec 2009)

Brian Lenihan Jnr: ...income before granting relief in respect of losses, capital allowances or pension contributions. In this regard an individual's personal contributions to a personal retirement savings account (PRSA), personal pension contribution, additional voluntary contribution or a retirement annuity contribution is disregarded for the purposes of determining the income levy that an individual must...

Written Answers — Tax Code: Tax Code (17 Nov 2009)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2007. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in tables following this reply...

Written Answers — Tax Code: Tax Code (3 Nov 2009)

Brian Lenihan Jnr: I have been informed by the Revenue Commissioners that the person in question is in receipt of a tax credit in respect of their PRSA with Irish Life. If the person has any further queries they should contact: Mr Pearse Penney, South West Region, Revenue House, Cork. Telephone 021 6027266

Written Answers — Pension Provisions: Pension Provisions (8 Jul 2009)

Brian Lenihan Jnr: I have been advised by the Revenue Commissioners that as the individual in question is already a member of an Occupational Pension Scheme, he is not entitled to income tax relief in respect of PRSA contributions. The person in question was advised of this on 27th May 2009. If further clarification is needed, the individual may contact Mr. Pearse Penney, Revenue House, Blackpool, Cork (Tel...

Written Answers — Pension Provisions: Pension Provisions (30 Jun 2009)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2006. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in tables following this reply...

Written Answers — Pension Provisions: Pension Provisions (26 May 2009)

Brian Lenihan Jnr: ...levy applies to all emoluments of an employment, including anything treated as a taxable benefit-in-kind. The position is that an employer contribution to a personal retirement savings account (PRSA) is chargeable to income tax in the hands of the employee as a benefit-in-kind under section 118 of the Taxes Consolidation Act 1997. As the income levy treatment follows the income tax...

Written Answers — Pension Provisions: Pension Provisions (6 May 2009)

Brian Lenihan Jnr: ...Consolidation Act, 1997. This means, essentially, that benefits may only be paid at the point of retirement (usually from age 60) or on earlier death. The legislation governing Revenue approval of PRSA products contains a similar provision. I have no plans to amend these provisions. However, employees may take "early retirement" benefits from both a pension scheme and a PRSA, anytime from...

Written Answers — Tax Code: Tax Code (26 Mar 2009)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2005. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in the following tables, which...

Written Answers — Tax Code: Tax Code (5 Feb 2009)

Brian Lenihan Jnr: ...Exemption of investment income and gains of approved Superannuation Funds 1,200 Not available Retirement Annuity Contracts (RACs) 380 2006 data not available Personal Retirement Savings Accounts (PRSAs) 120 71,500 Estimated cost of tax relief on "tax-free" lump sum payments 130 Estimated cost of PRSI and Health Levy relief on employee and employer contributions 220 Not available...

Finance (No. 2) Bill 2008: Report Stage (Resumed) and Final Stage (17 Dec 2008)

Brian Lenihan Jnr: ...asked some wider questions about pension policy in general. He is seeking flexibility for employees to put pensions into an approved retirement fund, ARF, or a personal retirement savings account, PRSA. This is a wider issue to be dealt with in the context of the Green Paper on pensions.

Written Answers — Tax Code: Tax Code (27 May 2008)

Brian Lenihan Jnr: ...Exemption of investment income and gains of approved Superannuation Funds 1,200 Not available Retirement Annuity Contracts (RACs) 380 2006 data not available Personal Retirement Savings Accounts (PRSAs) 120 71,500 Estimated cost of tax relief on "tax-free" lump sum payments 130 Estimated cost of PRSI and Health Levy relief on employee and employer contributions 220 Not available...

Written Answers — Tax Code: Tax Code (8 May 2008)

Brian Lenihan Jnr: ...that the latest relevant information available is in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the income tax year 2005. RACs and PRSAs are available to the self-employed and to employees not in occupational pension schemes. The information is set out in tables following this reply...