McDowell, DerekWednesday, 8 March 2000 |
Dáil Eireann Debate
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Finance Bill, 2000: Report Stage.
I move amendment No. 1: In page 11, between lines 19 and 20, to insert the following: 2.–Where a claimant proves for a year of assessment that income received by him or her consisted of dividends paid...
We are going to have an interesting day. I will try to make a few points in the couple of minutes available.
I think I will need it. Listening to the Minister one would think that we already had a perfect system of taxing credit union dividends and deposits which gave a realistic take to the Revenue. The rea...
I have said that I believe we would actually increase the tax take because the current system is far from perfect. The Minister seems to be suggesting that it is perfect but it is not. He is saying th...
It is true of the League of Credit Unions and the Independent Deputies.
We have had a useful discussion and I hope the Independent Deputies listened carefully to what the Minister will ask them to endorse. The Minister accused us and his own backbenchers of looking to giv...
I agree with the Minister that this is an argument we hope will be redundant in a few years' time. If we go the tax credit route and if the Minister makes good on his undertaking given on Committee St...
That is correct. I hope that in a couple of years' time this whole debate about the exemption limit will fade away and no longer be relevant.
The amendment and the sections to which it refers deal with the individualisation proposal on which I wish to concentrate. For the sake of clarity and debate I wish to comment briefly on what Deputies...
The Minister said he wanted to give a break to certain people. That can be called social engineering.
Is social engineering something nasty which lefties do?
When?
Year on year?
I feel I must defend 50 years of social democracy in Europe in two minutes, which will not be easy. We have never believed in a high nominal rate of tax for the sake of it. One should not tax just bec...
We are starting from a status quo. The Minister said that it should have been different in the first instance.
However, the Minister must make the case for changing that balance and say that in circumstances where a wife typically decides to stay at home for a number of years the tax treatment should be differ...
The Minister is beginning to show his age. He is talking about 20 years ago. I was at school 20 years ago.
I move amendment No. 7: In page 14, line 9, to delete “£9,400” and substitute “£12,940”. The amendment in my name essentially seeks to use the tax credits system to increase the standard rated persona...
I am seeking greater clarity from the Minister this morning. The programme will run for two years and nine months. It was not clear to me that the Minister will reach that objective within two years a...
It is at the end.
Do not stop the Minister now, he is just warming up.
Finance Bill, 2000: Report Stage (Resumed).
Lunch has had a sobering effect on the Minister.
I am disappointed because over the past three hours I have been waiting in anticipation of something more discreet than that.
Where the debate started this morning, we tried to tease out what is likely to happen in terms of tax reductions during the course of the two and three-quarter years of the Programme for Prosperity an...
This issue has been teased out reasonably well. Deputy Noonan made the point about individualisation and we had a short debate this morning about giving extra assistance to couples when both spouses a...
I move amendment No. 15: In page 17, between lines 4 and 5, to insert the following: “(a)by the insertion of the following before section 464: 463A.–(1) In this section– “appropriate percentage” in re...
Except in relation to lump sums.
I accept that increasing exemption limits is a more straightforward way of doing this because it would apply to all income. I was seeking to ring fence it for reasons of costs more so than anything el...
I move amendment No. 16: In page 18, line 34, to delete “£1,600” and substitute “£2,500”. This amendment was not reached on Committee Stage. It was tabled largely for discussion purposes and it seeks ...
We had a discussion on that issue on Committee Stage. I reiterate that in the review we need to look at people with a taxable income and those without a taxable income. It would be wholly unfair if we...
I move amendment No. 19: In page 24, between lines 5 and 6, to insert the following: “12.–Section 848 of the Principal Act shall extend with any necessary modifications to such charities recognised fo...
I am pleased to hear the Mini ster say that he is favourably disposed towards this case. However, it worries me to hear him say that he is waiting for the Department of Justice, Equality and Law Refor...
As the Minister knows, that legislation has been a long time in preparation. I hope this issue will be postponed until the broader legislation is available. As part of the tax relief scheme for corpor...
It did not ask because it thought its request would not be granted.
I move amendment No. 20: In page 24, between lines 5 and 6, to insert the following: 12.–Section 467(1)(b) of the Principal Act is hereby amended by the addition after ‘for the year of assessment' of ...
If someone were suddenly stricken by a terminal illness and a carer employed for a period of two or three months to look after him, I take it the relief would be granted.
I am referring to circumstances where a person is suddenly taken ill.
I support the amendment. I understood the Minister indicated on Committee Stage that he would give some consideration to the issue before today. I take it, given that we do not have an amendment befor...
I move amendment No. 23: In page 27, line 27, to delete “£1,500” and substitute “£2,500”.
I move amendment No. 31: In page 30, line 24, to delete “£5,000” and substitute “£6,000”. This amendment is intended to focus the benefit of mortgage interest relief on first time buyers. It is fair t...
While the Minister is gathering his thoughts, we had some discussion about this matter on Committee Stage but I want to restate the principle which I attempted to articulate on Committee Stage. I am n...
We do not want to create a position where, effectively, the opinion becomes almost worthless. Surely there should be some requirement on the auditor who, as I understand in this context, is basically ...
I understand this scheme was run in tandem with a few enterprise zones in Dublin, one in Gallanstown and another in Finglas. Were any projects developed in those areas and, if so, are they subject to ...
I presume it cannot go ahead now?
Is the relief for multi-storey car parks still available everywhere except in the cities of Dublin and Cork?
There were two primary purposes associated with this relief, the first of which was to have films made in Ireland, with the increased profile that gives a country and the consequent spin-offs. The oth...
Perhaps the Minister could address the employment issue.
That was not the purpose of my question. We should not lose sight of what the relief was intended to do. Obviously we all benefit from the increased profile associated which large international films ...
Finance Bill, 2000: Report Stage (Resumed) and Final Stage.
I move amendment No. 63: In page 100, line 44, after “acquisition” to insert “or the market value on the date of acquisition, whichever is greater”.
I am happy with the Minister's response. The CGT rate at 20% is only two points lower than the standard rate of income tax. We also want to give some benefit to people who are paying income tax at the...
Are these credit institutions which come under the supervisory control of the Central Bank? I understand that subsidiaries of foreign based banks are not controlled or supervised by the Central Bank.
I am not clear about the interaction of the committee. Do the Revenue Commissioners intend to wait until the process we are going through is effectively finished or do they intend to give an interim r...
May I probe this a little further? I take it the Revenue now has authority to look at each and every non-resident account on deposit in this country. Is that simply for the purpose of assessing DIRT o...
That is the point I am getting at.
For the sake of argument, if I have a non-resident account – which I do not – the Revenue obviously considers it currently has authority to look at that account as part of the look back procedure. Doe...
There is a liability under any heading.
The Minister has been reasonable in amending the Committee Stage amendment. Is it reasonable for someone to claim allowance in respect of money actually invested, whether in holiday homes, multi-store...
Deputy Deenihan has touched on an important point. I made the point, not entirely facetiously, on Committee Stage regarding the urban renewal scheme and the town of Lisdoonvarna with which I am famili...
Whether they deal with issues such as under-investment, loss of population or whatever, we must develop criteria rather than just picking out lines on maps. Amendment, by leave, withdrawn.
I move amendment No. 103: In page 253, between lines 11 and 12, to insert the following: 125.–Section 157 of the Principal Act is hereby amended by the deletion of ‘or oath' and the insertion therefor...
I move amendment No. 105: In page 259, between lines 31 and 32, to insert the following: 137.–Section 53(1) of the Principal Act is hereby amended by the insertion after ‘taxable gifts' of ‘or taxable...
The minimalist rule would only come into play in circumstances where someone had already inherited, typically from a stranger in blood, the full amount of the threshold in that amount.
I move amendment No. 106: In page 259, to delete lines 32 to 42, and in page 260, to delete lines 1 to 9. Amendments Nos. 106 to 108 deal with inheritance tax and the changes the Government and the Mi...
As the Minister will undoubtedly remind us, there are already provisions to deal with agricultural land and family businesses, with a substantial remission in tax. There is also an exemption in relati...
To a considerable extent this takes away the point of the tax in the first place. Deputy Belton asked why people should have to go through life with an albatross around their necks in terms of tax. Wh...
We are talking about tax on the recipients.
I move amendment No. 115: In page 274, between lines 44 and 45, to insert the following: “154.–Section 944A of the Taxes Consolidation Act, 1997 (inserted by section 134(1)(a) of the Finance Act, 1998...
I would like to be associated with the expression of thanks, particularly to the officials from Revenue and the Department. The Minister gives good value in terms of his budgets and Finance Bills – pe...
If it does nothing else, it illustrates to those who care to listen that there are still choices in politics.
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