Results 81-100 of 14,758 for in 'Written Answers' speaker:Michael McGrath

Written Answers — Department of Finance: Tax Reliefs (16 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 216 and 217 together. The rent-a-room relief is provided for in section 216A Taxes Consolidation Act 1997 (TCA). It 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 sums for...

Written Answers — Department of Finance: Housing Schemes (16 Apr 2024)

Michael McGrath: I am advised by Revenue that the situation has not changed in regards to the Help to Buy application in question no. 183 of 7 December 2023. In relation to the Deputy's query about the of lowering the LTV ratio for the Help to Buy Scheme, the position also remains as set out in my answer to Parliamentary Question no. 183 of 7 December 2023 and I have no plans to change the LTV ratio as...

Written Answers — Department of Finance: Middle East (16 Apr 2024)

Michael McGrath: On Thursday, 4th April I was advised by the National Treasury Management Agency that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory. ISIF is to divest from six of these companies with a total value of approximately €2.95m. The six companies are Bank Hapoalim BM; Bank Leumi-le...

Written Answers — Department of Finance: Departmental Communications (16 Apr 2024)

Michael McGrath: Ireland enjoys a deep and wide-ranging bilateral relationship with Australia, owing from our historic cultural and people-to-people ties, our economic and trade relationship, and our cooperation on global affairs across an array of fora and channels, including as members of a number of International Financial Institutions and international organisations. While there is engagement between...

Written Answers — Department of Finance: Primary Medical Certificates (16 Apr 2024)

Michael McGrath: The Deputy will be aware that the final report of the National Disability Inclusion Strategy (NDIS) Transport Working Group's review of mobility and transport supports including the Disabled Drivers and Disabled Passenger’s Scheme (DDS), endorsed proposals for a modern, fit-for-purpose vehicle adaptation scheme in line with international best practice that would replace the DDS. ...

Written Answers — Department of Finance: Tax Reliefs (16 Apr 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: Tax Code (16 Apr 2024)

Michael McGrath: The Deputy will be aware that it is a long-standing practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. The Government decided upon the introduction of the Local Property Tax (LPT), that a liability to the tax should apply to all owners of residential properties with a limited number of exemptions...

Written Answers — Department of Finance: Tax Data (16 Apr 2024)

Michael McGrath: Following consultation with the Deputy, I understand that the question relates to reducing the personal, PAYE and earned income tax credits of taxpayers by 2 per cent in respect of each €1,000 of income in excess of €180,000 and not exceeding €230,000, such that those on incomes in excess of €230,000 have no entitlement to those credits. I am advised by...

Written Answers — Department of Finance: Tax Exemptions (16 Apr 2024)

Michael McGrath: I am advised by Revenue that income received for providing accommodation is usually taxable. However, where rental payments meet the conditions for rent-a-room relief, which is provided for in section 216A TCA, a tax liability may not arise. The relief applies to sums arising to an individual in respect of the letting of a room or rooms in his or her home for residential purposes and the...

Written Answers — Department of Finance: Banking Sector (16 Apr 2024)

Michael McGrath: I presume the Deputy is referring to the Contingent Reimbursement Model operating the UK. It is a voluntary code that sets out consumer protection standards to reduce APP scams. Information on the internet indicates that signatory firms commit to procedures to detect, prevent and respond to APP scams, prevention of accounts being used to launder the proceeds of APP scams, and reimbursing...

Written Answers — Department of Finance: Housing Schemes (16 Apr 2024)

Michael McGrath: The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and...

Written Answers — Department of Finance: Tax Exemptions (16 Apr 2024)

Michael McGrath: I propose to take Questions Nos. 228, 229, 233 and 236 to 239, inclusive, together. As the Deputies will be aware, the VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under our legislation the provision of medical care services by recognised medical professionals are exempt from VAT. This includes health professionals...

Written Answers — Department of Finance: Tax Code (16 Apr 2024)

Michael McGrath: At the outset, the Deputy should note that both I and the Government are conscious of the implications of fuel costs for all sectors of society. This is reflected in the fact that in 2022 in light of the acute impact rising prices were having on households and business, the Government provided for excise rate reductions in the order of 21, 16 and 5.4 cent per litre on petrol, auto diesel...

Written Answers — Department of Finance: Currency Circulation (16 Apr 2024)

Michael McGrath: Where a business places no restrictions on the means of payment it is prepared to accept, it must accept cash as legal tender when offered by a customer to settle a debt that has arisen. If a business specifies payment must be in a form other than cash, the customer cannot subsequently claim a legal right to pay in cash. This can be achieved by, for example, placing a sign stating,...

Written Answers — Department of Finance: Covid-19 Pandemic Supports (16 Apr 2024)

Michael McGrath: The Tax Debt Warehousing scheme has provided vital and practical liquidity support to businesses by assisting them with their cash-flow during difficult trading periods. The Scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Temporary Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments on an interest-free...

Written Answers — Department of Finance: Departmental Reports (16 Apr 2024)

Michael McGrath: As the Deputy is aware the Housing for All Investment Workstream, chaired by the Department of Finance, was established to support the delivery of the Government's Housing for All plan. A key commitment of the Investment Workstream has been to advance the understanding of the funding landscape for the residential development. In 2023, the Department published a comprehensive report on the...

Written Answers — Department of Finance: Departmental Reviews (16 Apr 2024)

Michael McGrath: As the Deputy is aware, in July 2023, I announced an extension to the Ireland Strategic Investment Fund (ISIF) funding programme to deliver new homes, with a new €400 million allocation for equity-based investments in new housing projects. This allocation builds on ISIF’s existing housing related commitments of €1.2 billion which has supported the delivery of 11,250...

Written Answers — Department of Finance: Housing Schemes (11 Apr 2024)

Michael McGrath: The Help to Buy (HTB) scheme assists first-time purchasers with the deposit they need to buy or build a new house or apartment. The scheme provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in the State over the previous four years, subject to certain conditions being met. One of the key policy aims of the HTB scheme is to incentivise the construction of...

Written Answers — Department of Finance: Pension Provisions (11 Apr 2024)

Michael McGrath: The well-established policy objective for tax relief on pension contributions is to encourage individuals to save for retirement; to help meet a targeted level of supplementary pension coverage and income replacement; and to assist in preventing an over-reliance on State support for citizens in later life, particularly given emerging demographic developments. Accordingly, pensions have...

Written Answers — Department of Finance: Tax Yield (11 Apr 2024)

Michael McGrath: I am advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the value of VAT collected with respect to petrol and diesel using information provided on tax returns. However, using Revenue’s excise clearances volumes and available third party data...