Results 1-20 of 8,616 for speaker:Jack Chambers

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that PAYE employees in receipt of taxable payments from the Department of Social Protection (DSP) have any tax due on those payments collected by reducing the individual’s tax credits and rate bands. The amount of the reduction is calculated with reference to payment amounts reported to Revenue by DSP. Revenue have confirmed that the income tax charged to...

Written Answers — Department of Finance: Insurance Industry (24 Oct 2024)

Jack Chambers: At the outset, it is important to state that neither I, as Minister for Finance, nor the Central Bank of Ireland can direct the pricing nor provision of insurance products. This is a commercial matter which individual companies assess on a case-by-case basis. This is due to the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from...

Written Answers — Department of Finance: Tax Credits (24 Oct 2024)

Jack Chambers: Section 473B of the Taxes Consolidation Act (“TCA”) 1997 provides for the rent tax credit, which is, subject to a number of conditions, broadly available in the following three circumstances: 1. where the claimant makes a qualifying payment in respect of a residential property which he or she uses as his or her principal private residence, 2. where the claimant makes a...

Written Answers — Department of Finance: Tax Exemptions (24 Oct 2024)

Jack Chambers: On the introduction of the Local Property Tax (LPT), the Government decided that a liability to the tax should apply to all owners of residential properties with a limited number of exemptions. Limiting the exemptions available allows the rate to be kept low for those liable persons who do not qualify for an exemption. There is no specific exemption from the requirement to pay LPT for...

Written Answers — Department of Finance: Tax Data (24 Oct 2024)

Jack Chambers: At the end of every year, Revenue makes a Preliminary End of Year Statement available to employees. The Preliminary End of Year Statement sets out a provisional tax position, based on information available on Revenue records. It will show whether an employee has paid the correct amount of Income Tax and Universal Social Charge (USC) for the year. I am advised by Revenue that the final...

Written Answers — Department of Finance: Primary Medical Certificates (24 Oct 2024)

Jack Chambers: The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. However, this is very much a matter for Government as...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: I am advised by Revenue that it is not in a position to identify the specified revenues collected due to the way in which incomes and gains are recorded and liabilities are calculated on tax returns. However, I am bringing forward amendments in this year's Finance Bill to provide for exemptions from Income Tax, Capital Gains Tax and Capital Acquisitions Tax for payments made to women...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: On the 9 August 2024, the Government approved a scheme of ex-gratia redress payments for the families of the 48 deceased victims of the Stardust fire. I am advised that no individual has received payments from the Stardust ex-gratia payment scheme yet, as such, no revenue has been collected as a result of payments under this scheme.

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 118, 119, 120, 121, 122, 123, 124, 125, 126 and 127 together. I am advised by Revenue that, following the announcement of Budget 2025 on 1 October 2024, Revenue is in the process of updating its income tax estimates model to take account of these changes. Once finalised, Revenue will publish an update of the Ready Reckoner, which enables calculation of the...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group A threshold to €500,000, €550,000 and €600,000 and it is set out in table below. Table 1: Capital Acquisitions Tax Group A Group A Cost €500,000 €66m €550,000 €88m ...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group B threshold to €50,000, €60,000, €70,000 and (iv) €75,000 is set out in the table below. Table 1: Capital Acquisitions Tax Group B Group B Cost €50,000 €30m €60,000 €53m ...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the cost of increasing the Capital Acquisitions Tax group C threshold to €30,000, €40,000 and €50,000 is set out in the table below. Table 1: Capital Acquisitions Tax Group C Group C Cost €30,000 €9m €40,000 €15m ...

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: The Help to Buy 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. I am advised by Revenue that the annual cost of the Help to Buy scheme is set out...

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 132 and 133 together. The annual cost of the Help to Buy scheme is set out in the Cost of Tax Expenditures publication, which is available on the Revenue website at: For 2023, there were 7,000 claims for Help to Buy with a total cost of €185 million, resulting in an average cost of €26,400. To address the scenarios outlined by the Deputy:...

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 134 and 135 together. The annual cost of the Help to Buy scheme is set out in the Cost of Tax Expenditures publication, which is available on the Revenue website at: For 2023, there were 7,000 claims for Help to Buy with a total cost of €185 million, resulting in an average cost of €26,400. To address the scenarios outlined by the Deputy:...

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: I propose to take Questions Nos. 136 and 137 together. I am advised by Revenue that it is not possible to estimate the costs for the changes to the rent a room scheme as suggested by the Deputy. Taxpayers with rental income in excess of the current rent-a-room limit are taxed on their entire rental income in the normal way. It is not possible for Revenue to identify which taxpayers with...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: As I announced on Budget Day I am introducing a domestic tax on e-cigarettes on public health grounds. The tax will apply to all e-liquids at a rate of 50c per ml of e-liquid. Due to the operational and administrative challenges associated with this measure it will not commence until the middle of next year. While it is difficult to determine the exact yield the e-liquid products tax...

Written Answers — Department of Finance: Tax Yield (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the estimated yield from increasing the rate of excise duty on cigarettes by 50c is published on page 25 of the Ready Reckoner. The Ready Reckoner enables calculation of the cost or yield arising from a range of potential changes to tax charges and is available on the Revenue website at: www.revenue.ie/en/corporate/information-about-revenue/statis...

Written Answers — Department of Finance: Tax Code (24 Oct 2024)

Jack Chambers: In relation to the Deputy's request for a revision of the Capital Acquisitions Tax (CAT) tax-free thresholds and the example provided in regards to a couple who do not have children but wish to leave property to their niece or nephew, the following reliefs/exemptions are available for the purposes of CAT. Capital Acquisitions Tax (CAT) is a tax which applies to both gifts and inheritances....

Written Answers — Department of Finance: Tax Reliefs (24 Oct 2024)

Jack Chambers: I am advised by Revenue that the table below provides the requested data on claims approved since 1 July 2020, as of 19 October 2024. This table contains information on the number of approved Help to Buy (HtB) claims, the number of applicants associated with these claims, the number of approved HtB claims in respect of the purchase of new houses or apartments, and the number of approved HtB...