Written Answers Nos. 58-63
59. Deputy Michael McGrath asked the Minister for Finance the book value and market value of bonds currently held by the Central Bank of Ireland as a result of the promissory note transaction; and if he will make a statement on the matter. [37444/14]
Amharc ar fhreagraSubsequent to the liquidation of IBRC the Central Bank of Ireland acquired €25bn of Floating Rate Notes (FRNs) and €3.46bn of Government Fixed Coupon 2025 Government bonds.
According to the Central Bank's 2013 Annual Report the FRNs were valued at €27.8 billion at the end of December 2013 giving rise to an unrealised gain of €2.8 billion. According to the same report the Fixed Coupon 2025 Government bonds was valued at €3.5 billion giving rise to an unrealised gain of €292.7 million at that date.
Further details in relation to the bonds can be found at notes 16 and 34 of the Annual Report which can be accessed at http://www.centralbank.ie/publications/Documents/Central%20Bank%20of%20Ireland%20Annual%20Report%202013.pdf.
60. Deputy John Browne asked the Minister for Finance if dowries are legal here; and if he will make a statement on the matter. [37448/14]
Amharc ar fhreagraThere is no Irish law prohibiting the giving of a gift to or making a settlement in favour of a bride, a groom or a couple who are to be married, whether or not that gift or settlement is termed a 'dowry'.
The term 'dowry' is not defined under Irish law and can have different roles in relation to marriage in different cultures. I, as Minister for Finance, do not have the primary role in relation to the law concerning the institution of marriage.
I understand that the Civil Registration (Amendment) Bill 2014 has recently been initiated in the Seanad on behalf of the Tánaiste and Minister for Social Protection. That proposed legislation deals in part with the complex issue of marriages of convenience. It provides factors for a Superintendent Registrar to consider in forming the opinion that a marriage or civil partnership would constitute a marriage or civil partnership of convenience. It provides that a dowry will not be considered evidence of a marriage or civil partnership of convenience where it is part of the culture of one of the parties to the union.
61. Deputy Arthur Spring asked the Minister for Finance if there is a capacity in law to develop a separate excise duty for vintners as opposed to wholesale and multinational alcohol retailers. [37470/14]
Amharc ar fhreagraI am advised that EU Directive 92/ 83, which governs the structure of alcohol taxation in Member States, requires alcohol taxes to be applied by reference to the nature and alcoholic strength of the product and does not allow for different tax treatment of alcohol products depending on where the product is sold. Therefore any such proposal would not be permitted under the Directive.
62. Deputy Arthur Spring asked the Minister for Finance if there is any tax relief available for coastal protection work to be carried out for persons to protect a private dwelling home; or his plans for it to be put in place. [37471/14]
Amharc ar fhreagraWhile there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on coastal protection works, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of such expenditure.
The Home Renovation Incentive, was introduced in Finance Act (No 2) 2013. The Incentive came into operation on 25 October 2013 and will run until 31 December 2015. It provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work, carried out by tax compliant contractors, on a homeowner's only or main residence. The tax credit is granted over the two years following the year the work is carried out and paid for.
Expenditure of a revenue nature and interest on borrowings incurred for the purposes of a trade may be deductible in computing taxable trading profits.
In relation to rental property, section 97(2)(e) of the TCA 1997 provides for a deduction in computing taxable rent in respect of interest incurred on borrowed money used to improve the property. (In the case of residential property, the deduction is restricted to 75% of the interest).
Wear and tear allowances (generally 12.5% over 8 years) may be due in respect of capital expenditure incurred on the provision of machinery or plant for the purposes of a trade or in relation to the letting of furnished residential property.
I have no plans to introduce any specific measures in respect of coastal protection works.
63. Deputy Arthur Spring asked the Minister for Finance if he will provide a system of tax relief for homes that purchase house protection barriers to protect from flooding. [37477/14]
Amharc ar fhreagraWhile there are no existing "direct" tax incentive schemes specifically relating to expenditure by property-owners on flood protection barriers, there are a number of provisions in the Tax Acts which might, depending on the owner's circumstances and the nature of the work on which the expenditure is incurred, provide a measure of relief in respect of flood prevention works.
The Home Renovation Incentive, was introduced in Finance Act (No 2) 2013. The Incentive came into operation on 25 October 2013 and will run until 31 December 2015. It provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work, carried out by tax compliant contractors, on a homeowner's only or main residence. The tax credit is granted over the two years following the year the work is carried out and paid for.
In relation to rental property, section 97(2)(e) of the TCA 1997 provides for a deduction in computing taxable rent in respect of interest incurred on borrowed money used to improve the property. (In the case of residential property, the deduction is restricted to 75% of the interest).
Wear and tear allowances (generally 12.5% over 8 years) may be due in respect of capital expenditure incurred on the provision of machinery or plant for the purposes of a trade or in relation to the letting of furnished residential property.
I have no plans to introduce any specific measures in respect of flood protection barriers.
