Dáil Éireann Debate, Thursday - 15 February 2007
57 Mr. N. O’Keeffe asked the Minister for Finance if persons (details supplied) in County Cork who have purchased a farm in joint names can qualify for the stamp duty exemption; and if further time will be given to them if the husband has to complete his qualifications. [5822/07]
Amharc ar fhreagraI am advised by the Revenue Commissioners that from the information provided it is not clear whether exemption from Stamp Duty under the young trained farmer scheme applies. However where property is purchased in the joint names of husband and wife, the requirement is that only one of the spouses must qualify as a young trained farmer. For further information the persons concerned should contact: Cork Stamp Duty Office, South West Region, Government Buildings, Sullivan's Quay, Cork.
58 Mr. Kirk asked the Minister for Finance the position regarding the payment of DIRT tax on deposit accounts for persons over 65; and if he will make a statement on the matter. [5850/07]
Amharc ar fhreagraIndividuals aged 65 years or over (and individuals who are permanently incapacitated by reason of mental or physical infirmity from maintaining themselves,) can claim a refund from DIRT where the income of the individual (inclusive of the deposit interest) is below the appropriate income exemption limit for tax purposes. In the 2007 tax year the exemption limit for a single person aged 65 or over is €19,000 per annum, and in the case of a married couple, the exemption limit is €38,000 (the equivalent limits for the 2006 tax year were €17,000 single/ €34,000 married). A partial refund may be due to such individuals whose income (inclusive of the deposit interest) does not greatly exceed the appropriate income exemption limit.
In the recent Budget I announced that the rules relating to such individuals are now being changed so that in future they may notify their financial institution of their status and receive the interest without deduction of DIRT. These changes are included in the 2007 Finance Bill and further details will be published by the Revenue Commissioners when the Bill is enacted.
