Michael Ring
Ceist:129 Mr. Ring asked the Minister for Finance if he will reconsider and introduce a tax incentive to encourage people to invest in wind farms; and if he will make a statement on the matter. [17370/00]
Vol. 521 No. 4
129 Mr. Ring asked the Minister for Finance if he will reconsider and introduce a tax incentive to encourage people to invest in wind farms; and if he will make a statement on the matter. [17370/00]
In response to a question from the Deputy on 6 April 2000, I indicated that while there is a specific tax relief for corporate investment in certain renewable projects, individuals can also invest in such projects through limited partnerships. The details are as follows:
Section 62 of the Finance Act 1998 provides for tax relief for corporate investment in certain renewable energy projects. To qualify for the relief the energy project must be in the solar, wind, hydro or biomass technology categories, and be approved by the Minister for Public Enterprise. The relief takes the form of a deduction for tax purposes from a company's profits for an investment in new ordinary shares in a company setting up a renewable energy project. The relief is capped at 50% of all capital expenditure, excluding land, net of grants, or £7 million for a single project. Investment by a company or group is capped at £10 million per annum, and unless the shares are held for at least five years by the company the relief will be withdrawn.
Following clearance of the scheme by the European Commission, I made an order providing that the relief would come into operation from 18 March 1999 for a three year period.
130 Mr. Shatter asked the Minister for Finance the pension payable to a person who ceases to be a Member of Dáil Eireann, never having had a ministerial appointment, after (i) ten years service, (ii) 20 years service and (iii) 30 years service; and the widow's or widower's pension payable. [17372/00]
Superannuation benefits for Members of Dáil Éireann are paid in accordance with the provisions of the Houses of the Oireachtas (Members) pension scheme. The scheme was amended by regulations made by the Minister for Finance on 25 November 1992. The provisions which applied up to that time are referred to as the "old scheme" and the provisions as amended are referred to as the "new scheme".
In broad terms, any serving Deputy who had eight or more years' pensionable service on 6 June 1997 could opt to have all his or her service reckoned for superannuation purposes under the terms of the new scheme or to have his or her service up to that date reckoned under the old scheme. All service subsequent to 6 June 1997 is reckoned under the new scheme. All service prior to 6 June 1997 of any member with less than eight years' service on that date is reckoned under the terms of the new scheme.
A Deputy with ten years service in the Dáil to whom the new scheme applies is entitled to an annual pension of £9,796 and a retirement gratuity of £29,388, payable from age 50 or from age 45 subject to actuarial reduction, on ceasing to be a Member of the Oireachtas. The annual pension payable in respect of ten years' service to a surviving spouse who has not remarried is half the Member's pension, £4,898.