Results 1-20 of 65 for prsa speaker:Michael Noonan

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Written Answers — Department of Finance: Pension Provisions (7 Feb 2017)

Michael Noonan: I am informed by Revenue that section 787G of the Taxes Consolidation Act 1997, permits a holder of a Personal Retirement Savings Account (PRSA) to transfer his/her PRSA to a Revenue approved occupational pension scheme. Where such a transfer occurs the assets transferred become subject to the rules of the occupational pension into which they are transferred. The receiving occupational...

Written Answers — Department of Finance: Pension Provisions (26 Jan 2017)

Michael Noonan: ...(TCA) 1997. I introduced these changes in order to close off certain tax-planning opportunities involving the use of Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs). In providing very generous tax relief on contributions to private pension arrangements, the quid pro quois that when benefits are paid from the arrangements they are, generally, taxed at...

Written Answers — Department of Finance: Tax Reliefs Costs (14 Dec 2016)

Michael Noonan: ...the following tables show the latest relevant information in respect of income tax relief allowed for contributions to Retirement Annuity Contracts (RACs) and Personal Retirement Savings Accounts (PRSAs) for the years 2012, 2013 and 2014. The information in the tables sets out the number of cases, the amount of deduction and the reduction in tax for tax relief (for RACs and PRSAs) for the...

Written Answers — Department of Finance: Pensions Legislation (29 Nov 2016)

Michael Noonan: The transfer of the deferred benefits of a member of an occupational pension scheme or a Personal Retirement Savings Account (PRSA) contributor's PRSA fund to an overseas pension arrangement is permitted, subject to the transfer complying with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003 and Revenue requirements. The...

Written Answers — Department of Finance: Revenue Commissioners Investigations (24 Nov 2016)

Michael Noonan: ...pension tax legislation may fall foul of the conditions under which a pension scheme was approved by Revenue as an exempt approved scheme or the conditions under which a Personal Retirement Savings Account (PRSA) product received Revenue approval. Pension tax legislation does not provide for any penalties for non-compliance in this area. The sanction available is the withdrawal of the...

Written Answers — Department of Finance: Pensions Legislation (17 Nov 2016)

Michael Noonan: ...superannuation schemes, per se, they are outside the scope of the treaty other than where they fall within the "insurance company" element referred to above. As regards Personal Retirement Savings Accounts (PRSAs), the 2016 Finance Bill contains provisions to stop PRSAs being used for tax avoidance purposes. The avoidance concerned involved benefits never being taken from a PRSA so...

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

Michael Noonan: ...fund.”,”. Section 13, as initiated, amended certain provisions of Part 30 of, and Schedule 23B to, the Taxes Consolidation Act 1997 with the aim of closing off tax planning opportunities involving the use of personal retirement savings accounts, PRSAs. This tax planning involved the PRSA owner never taking benefits from the PRSA, which meant that various taxes were avoided...

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

Michael Noonan: ...going forward is to stop this tax planning in its tracks and to make sure it would be financially irrational for an individual to allow a situation to arise where he or she does not vest his or her PRSA or RAC on or before his or her 75th birthday. If he or she does this in the future, he or she will not be able to access the benefits but will be taxed on them nonetheless. For...

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

Michael Noonan: I move amendment No. 54:In page 22, to delete lines 8 to 15 and substitute the following:"(a) the PRSA administrator—(i) on or before 31 March 2017—(I) commences payment of an annuity to the PRSA contributor, (II) pays a lump sum to the PRSA contributor, in accordance with section 787G(3)(a), (III) makes assets of the PRSA available to the PRSA contributor, or (IV) transfers...

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

Michael Noonan: ...at subparagraph (b), (ba) or (c) of paragraph 2 of Schedule 23B, refuse to transfer an amount to the individual, or to any of the funds referred to in the said subparagraph (b), refuse to make assets of the PRSA referred to in the said subparagraph (ba) available to the PRSA contributor or, as the case may be, refuse to make a payment or transfer referred to in the said subparagraph...

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

Michael Noonan: I move amendment No. 59:In page 23, to delete line 9 and substitute the following:"of 'vested PRSA' in section 790D(1), (bc) the relevant pension arrangement becomes a vested RAC within the meaning of section 787O(1),",".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: ...contracts, RACs, by professional sportspeople from a later reduction in income arising from a claim under this relief. However, this is not the case for personal retirement savings accounts, PRSAs. As a result, a sportsperson who takes out a PRSA could be disadvantaged over a sportsperson who takes out a retirement annuity contract. The amendment provides that PRSAs are afforded equal...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (9 Nov 2016)

Michael Noonan: ...into a retirement annuity contract, RAC, that person got the relief that I described previously. If, however, the person paid the equivalent amount into a personal retirement savings account, PRSA, he or she did not get the relief. It is to give the same relief to people who contribute to PRSAs as to sportspersons who contribute to RACs. That is the only change. It does not change the...

Finance Bill 2016: Second Stage (25 Oct 2016)

Michael Noonan: ...the viability of the fishing sector. This will allow those who spend at least 80 days fishing at sea in a tax year to claim an additional income-tax credit of €1,270 per annum. Section 6 makes a technical amendment to the sportspersons' relief to provide that contributions to PRSAs are treated in the same manner as other pension products. The extension of the home renovation...

Written Answers — Department of Finance: Stamp Duty (24 May 2016)

Michael Noonan: ...from the e-stamping system, to populate these registers. The e-stamping system is in operation since 30 December 2009. There is currently no legal basis which would enable Revenue to supply to the PRSA any detailed data which is not captured by the e-stamping system without potentially infringing taxpayer confidentiality. I understand from Revenue that the data held prior to 2010 is also...

Written Answers — Department of Finance: Pension Provisions (2 Dec 2015)

Michael Noonan: The transfer of an occupational pension scheme member's pension fund benefits or a Personal Retirement Savings Accounts (PRSAs) contributor's PRSA assets to an overseas pension arrangement is permitted, subject to the transfer complying with the Occupational Pension Schemes and Personal Retirement Savings Accounts (Overseas Transfer Payments) Regulations, 2003 (the Regulations) and Revenue...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Michael Noonan: ...the Finance Bill debate on Second Stage. During that debate, he highlighted the differential treatment afforded to employer contributions to trust-based occupational pension schemes as compared to PRSAs, in so far as the operation of the annual limits on employee tax-relieved pension contributions are concerned. Basically, the amount of tax-relieved contributions which an individual or an...

Finance Bill 2015: Second Stage (4 Nov 2015)

Michael Noonan: ...charge, income tax, corporation tax and capital gains tax.Sections2 to 4, inclusive,provide for the income tax and USC changes I have outlined. In addition, section2 provides for an exemption for employees for USC on employer contributions to a personal retirement savings account, PRSA, to bring the USC treatment of such contributions into line with employer contributions to occupational...

Written Answers — Department of Finance: Tax Code (25 Jun 2015)

Michael Noonan: Tax relief on pension contributions by or behalf of employees to occupational pension schemes and by employees or individuals to pension arrangements such as Personal Retirement Savings Accounts (PRSAs) or Retirement Annuity Accounts (RACs) is limited each year by reference to the annual earnings of the employee or individual (subject to an annual earnings cap of €115,000) which...

Written Answers — Department of Finance: Tax Code (24 Jun 2015)

Michael Noonan: ...excluded from the scope of the DWT. The categories of persons excluded from DWT under this section include: - Irish resident companies; - pension schemes, managers of approved retirement funds and PRSA administrators; - qualifying employee share ownership trusts; - collective investment funds and exempt unit trusts; - managers of special savings accounts and...