Seanad debates

Wednesday, 10 December 2014

Finance Bill 2014: Committee Stage

 

11:35 am

Photo of Aideen HaydenAideen Hayden (Labour) | Oireachtas source

A number of excellent points have been made about this issue and I am interested in hearing the Minister of State's response. This matter is particularly relevant for women who move in and out of the workforce more frequently than their male counterparts. Historically, they have not been equally well provided for in terms of pensions and experience greater poverty in old age than their male colleagues.

The imposition of the universal social charge on income in the area of rental property has had negative impacts. Many people in Ireland invested in rental property on the basis that it would provide a pension in their old age as a form of asset-based welfare. The universal social charge is levied on gross income earned on a rental property, although a loss might occur when allowable deductions are made. A number of people who own rental properties are in negative equity and mortgage arrears and the imposition of the universal social charge on gross income is unfair, particularly when a loss could be made on such a property. Levying the universal social charge on PRSAs is similarly unfair because we want people to provide for themselves. Ageing is a serious issue, as Senator Feargal Quinn pointed out, and, like Senator Darragh O'Brien, I would like to have a more extensive debate on pensions and ageing.

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