Advanced search
Show most relevant results first | Most recent results are first | Show use by person

Search only Michael McGrathSearch all speeches

Results 41-60 of 14,578 for speaker:Michael McGrath in 'Written Answers'

Written Answers — Department of Finance: Tax Code (20 Mar 2024)

Michael McGrath: As the Deputy will be aware, the age exemption applies for any year of assessment where an individual is aged 65 years or over and his or her total income does not exceed €18,000 per annum. Where an individual is a married person or civil partner and is jointly assessed to tax, the age exemption will apply where either individual is aged 65 or over and where the couple’s total...

Written Answers — Department of Finance: Tax Credits (20 Mar 2024)

Michael McGrath: The position is that a range of tax credits are provided for in Part 15 of the Taxes Consolidation Act 1997 (TCA). Broadly, tax credits may be used to reduce the amount of income tax payable by an individual in a year of assessment, but only to the extent that they reduce the liability for that year to nil. Eligibility for the range of tax credits is based on varying criteria applicable...

Written Answers — Department of Finance: Primary Medical Certificates (20 Mar 2024)

Michael McGrath: The Disabled Drivers and Disabled Passengers Scheme provides relief from VRT and VAT on an adapted cars, as well as an exemption from motor tax and an annual fuel grant. To qualify for the Scheme an applicant must be in possession of a Primary Medical Certificate (PMC). The PMC is issued by the relevant Senior Medical Officer in the HSE, or failing that an appeal may be made to the...

Written Answers — Department of Finance: Revenue Commissioners (20 Mar 2024)

Michael McGrath: This Government has been consistent in its strong support for ensuring that Revenue has the necessary resources to fulfil its mandate in respect of functions that are critical for its effective functioning as a tax and customs administration. Revenue’s Maritime Unit currently has two Cutters (patrol vessels) in active service, with one of those vessels approaching the end of its...

Written Answers — Department of Finance: Tax Reliefs (20 Mar 2024)

Michael McGrath: I propose to take Questions Nos. 269, 270 and 278 together. Rent-a-room relief is provided for in section 216A Taxes Consolidation Act 1997 (TCA). The section provides that, where an individual rents a room or rooms in his or her home as residential accommodation, he or she is treated, for income tax purposes, as not having any income from the letting where the gross rent received (including...

Written Answers — Department of Finance: Tax Code (20 Mar 2024)

Michael McGrath: I am advised by Revenue that tax credits and rate bands of the person concerned were allocated to her income from her pension provider. No credits or rate bands were allocated to the employment, which commenced in January 2024, resulting in an over deduction of Income Tax and Universal Social Charge (USC). Revenue has confirmed that the person’s tax credits, and rate bands are now...

Written Answers — Department of Finance: Tax Reliefs (20 Mar 2024)

Michael McGrath: Prior to Finance Act 2017, agricultural land which was leased for solar panels was not classified as qualifying agricultural property for the purposes of Capital Gains Tax retirement relief or agricultural relief from Capital Acquisitions Tax. Following a review announced in Budget 2018, and in recognition of the then Government's commitment to facilitate the development of solar energy...

Written Answers — Department of Finance: Housing Schemes (20 Mar 2024)

Michael McGrath: The Help to Buy (HTB) scheme is administered by Revenue to assist first-time buyers with buying or building a new house or apartment. The scheme gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to qualifying criteria as outlined in legislation. Section 477C of the Taxes Consolidation Act 1997 outlines the...

Written Answers — Department of Finance: Departmental Data (20 Mar 2024)

Michael McGrath: The Department of Finance and the Revenue Commissioners are continually monitoring the potential economic impact of the OECD agreement as those negotiations continue and as the agreement continues to be implemented globally. As you will be aware an initial estimate of the potential cost of implementation of both pillars of the OECD agreement in terms of reduced tax receipts was published...

Written Answers — Department of Finance: Revenue Commissioners (20 Mar 2024)

Michael McGrath: The Finance Act 2022 provided for two tax relief measures targeted at supporting the horticultural and mushroom cultivation sectors: enhancement of an existing Mineral Oil Tax (MOT) relief for certain heavy oils and liquified petroleum gas used for qualifying purposes, and the introduction of a new relief from Natural Gas Carbon Tax (NGCT) when used for similar purposes. The legislation...

Written Answers — Department of Finance: Public Private Partnerships (20 Mar 2024)

Michael McGrath: My Department does not have any planned Public Private Partnership (PPP) projects or ongoing PPP contracts. The National Treasury Management Agency (NTMA) is a body under the aegis of my Department. My Department has not sponsored any PPP projects. However, the NTMA acting as the National Development Finance Agency (NDFA), procures and delivers PPP projects where requested by State...

Written Answers — Department of Finance: Tax Data (7 Mar 2024)

Michael McGrath: I propose to take Questions Nos. 200 and 201 together. The Vacant Homes Tax (VHT) as announced in Budget 2023, aims to increase the supply of homes for rent or purchase to meet demand. Legislative provision for the tax was made in the Finance Act 2022. A residential property will be within the scope of VHT, if it has been occupied as a dwelling for less than 30 days in a chargeable period. ...

Written Answers — Department of Finance: Tax Collection (7 Mar 2024)

Michael McGrath: Finance Act 2000 introduced the gross roll-up taxation regime for investments in domestic funds (in section 58) and for investments in life policies (in section 53). While Finance Act 1990 had introduced anti-avoidance rules that are known as the “offshore funds” regime, Finance Act 2001 (section 72) amended the offshore funds regime to provide for gross roll-up in certain...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2024)

Michael McGrath: As the Deputy will appreciate, the introduction of any new tax expenditure measure takes place in the context of the annual Budget and Finance Bill process. Proposals for tax expenditure measures are assessed in accordance with my Department's Tax Expenditure Guidelines. These make clear that any policy proposal which involves tax expenditures should only occur in limited circumstances where...

Written Answers — Department of Finance: Tax Collection (7 Mar 2024)

Michael McGrath: I am advised by Revenue, that Revenue is precluded under Section 851A of the Taxes Consolidation Act 1997 from commenting on the tax affairs of an individual, business or entity. Revenue is, therefore, not in a position to comment on the specific case or details referred to in this question.

Written Answers — Department of Finance: Tax Yield (7 Mar 2024)

Michael McGrath: As the Deputy will be aware the pension fund levy was introduced at a time when the economy was in very serious difficulties. It was charged on the market value of assets in pension schemes held on 30 June in each year at a rate of 0.6% (2011 to 2013), 0.75% (2014) and 0.15% (2015). The levy was discontinued from 2016. Liability for the levy rested with trustees of pension schemes and...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2024)

Michael McGrath: The Drivers and Passengers with Disabilities Scheme (DPDS) is provided for by Section 92 of the Finance Act 1989 and associated regulations and provides for repayment or remission of VAT and Vehicle Registration Tax (VRT), up to a certain limit, on the purchase or adaption of a vehicle for the transport of a person with specific severe and permanent physical disabilities. The Scheme is...

Written Answers — Department of Finance: Tax Credits (7 Mar 2024)

Michael McGrath: Further to my previous reply, the Deputy may wish to note that Rent Tax Credit (RTC) claims are made in relation to a particular year of tax assessment. I previously provided a table setting out the numbers of taxpayer units claiming RTC, broken down by year of assessment and by county as at 22 February 2024. For ease of reference, I am again providing this table below. Taxpayers have up to...

Written Answers — Department of Finance: Customs and Excise (7 Mar 2024)

Michael McGrath: I am advised by Revenue that from a Customs perspective, the temporary admission procedure can be used to import goods from outside the European Union for display at exhibitions or fairs. Under this procedure non-Union goods intended for re-export and subject to a specific use while in the EU can be temporarily imported with total relief from import duties. This procedure can be used...

Written Answers — Department of Finance: Tax Reliefs (7 Mar 2024)

Michael McGrath: Mortgage Interest Tax Relief is available for home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022. Mortgage Interest Tax Relief is available at the standard rate of income tax and is based on the increase in interest paid in 2023 over interest paid in 2022. The value of the relief will be...

   Advanced search
Show most relevant results first | Most recent results are first | Show use by person

Search only Michael McGrathSearch all speeches