Written Answers Nos. 66-76
66. Deputy Brendan Griffin asked the Minister for Finance the recent changes in tax thresholds that have taken place or are about to take place for persons wishing to transfer property to family members; and if he will make a statement on the matter. [26765/15]
Amharc ar fhreagraCapital Acquisitions Tax (CAT) is the overall title for both Gift and Inheritance Tax. The tax is charged on the amount gifted to, or inherited by, the beneficiary of the gift or inheritance.
For the purposes of CAT, the relationship between the person who provides the gift or inheritance (i.e. the disponer) and the person who receives the gift or inheritance (i.e. the beneficiary), determines the maximum life-time tax-free threshold known as the Group threshold below which gift or inheritance tax does not arise.
There are, in all, three separate Group thresholds based on the relationship of the beneficiary to the disponer and these were last changed in Budget and Finance Act 2013 when they were reduced by 10% to their current levels with effect from 6 December 2012:
The Group A tax free threshold of €225,000, applies where the beneficiary is a child (including adopted child, stepchild and certain foster children) or minor child of a deceased child of the disponer. Parents also fall within this threshold where they take an inheritance of an absolute interest from a child.
The Group B tax free threshold of €30,150, applies where the beneficiary is a brother, sister, a nephew, a niece or lineal ancestor or lineal descendant of the disponer.
The Group C tax free threshold €15,075, applies in all other cases.
Where a person receives gifts or inheritances in excess of their relevant tax free threshold, CAT at a rate of 33% applies on the excess over the tax free threshold. It should also be noted that the thresholds apply on an individual basis so that, for example, where there are two children the current Group A threshold of €225,000 applies individually to each child in respect of gifts and inheritances from their parents.
I have said in response to a number of other recent Parliamentary Questions on this matter that I recognise that the recent growth in property values has implications for the liabilities that can arise from CAT. For this reason, I am reviewing the various aspects of this tax, including the lifetime tax-free thresholds, in the context of my preparations for Budget 2016 and the subsequent Finance Bill.
I would, however, refer the Deputy to the existence of the CAT dwelling house exemption, which allows for a property to be gifted or inherited tax free when the beneficiary is already living in the home. While certain restrictions and conditions apply to ensure its proper use, this exemption is designed to prevent cases of hardship or displacement for individuals who are home sharers and carers. In cases where the dwelling house exemption applies, the tax-free thresholds are unaffected and continue to apply separately and are available to an individual to cover the value of other gifts or inheritances which he or she may benefit from over their lifetime.
67. Deputy Michael McGrath asked the Minister for Finance the number of loan facility letters issued in respect of existing loans whereby changes were made to the terms and conditions of the loan by the former Anglo Irish Bank for each month from August 2008 to December 2008 and from 1 January 2009 until 21 January 2009, the date the Anglo Irish Bank Corporation Act 2009 became law; if he will specify the nature of any change to the loan agreements executed during this time; if he will specify the nature of the approval process in place at the bank at this time for such changes; and if he will make a statement on the matter. [26778/15]
Amharc ar fhreagraOfficials in my Department have advised the Deputy that the information requested in this parliamentary question is not held by my Department and that the process of retrieving and collating the information would be undertaken by the Special Liquidators of IBRC.
Given that the loan facility letters are not held in electronic format, the Special Liquidators have advised my officials that the retrieval of this information would be a manual process which they estimate would take 6-8 weeks to complete at a minimum cost of €40,000.
Before instructing the Special Liquidators to commence the process of retrieving and collating the information requested, officials in my Department thought it prudent to contact the Deputy advising him of the timeframe and cost associated with answering this parliamentary question. I am advised by my officials that the Deputy has requested this holding response to be issued and that he will contact my officials in due course in relation to his decision to progress, or otherwise, this parliamentary question.
68. Deputy Michael McGrath asked the Minister for Finance regarding implementation of the European Union’s fourth anti-money laundering directive, the steps and timing he envisages for establishing a register of beneficial ownership of companies and trusts; the Department or other agency that will host and manage the register; if that register will be in the public domain, enhancing transparency and corporate accountability; and if he will make a statement on the matter. [26780/15]
Amharc ar fhreagra69. Deputy Michael McGrath asked the Minister for Finance further to Parliamentary Question No. 23 of 8 April 2014, if he will confirm Ireland’s support for transparency across all financial services files by establishing, as fully public, the required register of true or beneficial owners of companies and trusts under the European Union’s fourth anti-money laundering directive; and if he will make a statement on the matter. [26781/15]
Amharc ar fhreagraI propose to take Questions Nos. 68 and 69 together.
The 4th Anti-Money Laundering Directive which was agreed on the 20th May 2015 covers a number of policy areas which come under the responsibility of a range of Departments and Offices. Transposition is due by the 26 June 2017. The issue of beneficial ownership of companies falls under the remit of the Department of Jobs, Enterprise and Innovation.
Arising from consultation with the relevant Departments and Offices, Ireland's position during the negotiation of the Directive was to support the view that beneficial ownership should be known. There are already provisions in place which allow for enforcement authorities and other shareholders to identify beneficial owners of companies when required. Furthermore trusts are subject to robust reporting requirements under current taxation and anti-money laundering legislation.
Under the 4th Anti-Money Laundering Directive we are required to introduce a range of measures around beneficial ownership, such as ensuring that beneficial ownership information is held in a central register. These issues will be addressed in the transposition process. Decisions on the Department or other agency that will host and manage a register and on whether that register will be in the public domain have not yet been finalised.
70. Deputy Clare Daly asked the Minister for Finance the reason land and property thus far sold by the National Asset Management Agency to public bodies was not openly advertised to the public at any time during the sale process; and the way this represents best value for the taxpayer. [26113/15]
Amharc ar fhreagraNAMA, in the context of its overriding commercial mandate, seeks to manage its portfolio in Ireland in a way that complements the objectives of other public bodies, including Government departments, State agencies and local authorities. In line with this, I am informed by NAMA that in circumstances where public bodies initiate engagement with NAMA and indicate an interest in acquiring a specific asset which is for sale, NAMA, wherever feasible, affords the public body first option on the acquisition of the asset.
NAMA has, through this policy, facilitated the sale of land and property for a range of public uses including the provision of social housing, schools and primary health care facilities. I am further advised by NAMA that all such transactions are conducted on a fully commercial basis by reference to independently assessed market valuations and, as a result, there is no diminution in NAMA's return to Irish taxpayers in such transactions. NAMA's commitment to working with public bodies in this way is very welcome and represents a very important contribution in areas such as social housing, education and healthcare provision.
71. Deputy Michael McGrath asked the Minister for Finance the deadline by which pension fund trustees must make payment of this year’s pension fund levy; and if he will make a statement on the matter. [26793/15]
Amharc ar fhreagraI am advised by the Revenue Commissioners that the 0.15% stamp duty levy applying in 2015 to the market value, on the valuation date (30 June), of assets under management in pension funds and pension plans approved under Irish tax legislation falls due for payment not later than 25 September 2015.
I am further advised by the Commissioners that the person responsible for payment of the levy is the chargeable person i.e. the trustees or other persons (including insurance companies) with responsibility for the management of the assets of the pension funds or plans concerned.
72. Deputy Michael McGrath asked the Minister for Finance Ireland’s direct and indirect exposure to Greek national debt; and if he will make a statement on the matter. [26794/15]
Amharc ar fhreagraIreland participated with pooled bilateral loans to Greece under the Greek Loan Facility (GLF) in 2010. Ireland provided €347 million before stepping out of the GLF upon entering our own programme at end-2010. Ireland also stepped out of being a guarantor for the European Financial Stability Fund (EFSF) after programme-entry and, therefore, Ireland is not a guarantor for the EFSF loans, including those for Greece. Therefore, the Irish sovereign's direct exposure to Greek national debt is limited to those loans provided in 2010 - €347 million (0.2 per cent of GDP).
The Central Bank of Ireland's only direct exposure is to the Eurosystem's holding of the Securities Markets Programme (SMP) portion of Greek government bonds; this exposure is limited and has been provided for. The share of any losses arising indirectly for the Central Bank of Ireland through other Eurosystem exposures is limited to the CBI's capital key (1.7%).
The National Treasury Management Agency has advised that none of the Exchequer cash and related financial asset investments are invested in Greek sovereign debt.
More broadly, I would point out that direct trade and financial linkages between Ireland and Greece are small.
And while there is some potential for second round and indirect effects, I would highlight that as a union we are in a much stronger place than during the sovereign debt crisis in the early years of this decade. Financial market developments in the euro area (outside of Greece) have been relatively calm in recent days, suggesting that the firewalls created and the governance changes made during the crisis are having the desired effect .
Ireland, together with the other Member States, understands and empathises with the difficult situation faced by the Greek people which has been exacerbated over the last number of weeks by the uncertainty surrounding the programme negotiations. This is why there has been a willingness to negotiate a way forward which takes account of the realities of the situation in Greece while also respecting existing commitments.
73. Deputy Michael McGrath asked the Minister for Finance if he will provide, in tabular form, a breakdown of all third level courses and training programmes provided for employees of his Department and the accompanying cost for the 2014-15 academic year from 1 September 2014 to the end of June 2015; and if he will make a statement on the matter. [26795/15]
Amharc ar fhreagraThe Department of Finance continues to invest in staff development in order to supplement the skills and qualifications of our teams, through a combination of internal and external training, learning and development.
The Department strives to improve learning and development in order to develop greater professional, technical, management and leadership skills. Using the Performance Management and Development System (PMDS), the Department reviews our staff's performance and endeavours to identify any skills requiring enhancement to ensure our training resources meet our business objectives.
In striving to be 'the best we can be' the Department's Learning and Development Strategy 2014-2016 introduces the Department's model of learning which utilises the 70:20:10 approach. This emphasises that the majority of the learning undertaken is on the job learning/coaching and that only a small percentage of the learning comes from formalised courses or programmes (10%).
The Department has proceeded to invest in its people to increase the knowledge available which can be drawn upon for the benefit of the Department and ultimately the State. At the beginning of 2015, the Department was shortlisted and won an "Outstanding Achievement Award" in the category of Best Learning and Development Organisation Medium Sized Enterprises, at the Irish Institute of Training and Development (IITD) Awards.
In the following table you will see all courses and training interventions carried out by the Department from 1st September 2014 to 30th July 2015.
|
Course Name |
Cost |
|
Launching and Leveraging a Change Network Seminar |
€35.00 |
|
Learning Effectiveness in the Workplace Seminar |
€35.00 |
|
Tax Seminar |
€100.00 |
|
ADIT Course Fees |
€170.00 |
|
Time Management |
€175.00 |
|
MS Excel |
€200.00 |
|
CIPD Seminar |
€295.00 |
|
Influencing Skills |
€395.00 |
|
FOI Conference |
€399.75 |
|
Governance Training |
€405.00 |
|
French Course x 3 |
€540.00 |
|
Financial Markets Training |
€552.50 |
|
Mindfulness Lunch and Learn events |
€588.00 |
|
Media Skills Training |
€700.00 |
|
Corporate Tax Conference |
€750.00 |
|
State Aid Seminar |
€855.00 |
|
Irish Taxation Institute Seminar |
€937.00 |
|
Minute Taking Course |
€960.00 |
|
Certificate in Human Resource Management |
€1,210.00 |
|
ERA Seminar x 2 |
€1,299.60 |
|
Coaching Training x 7 |
€2,337.50 |
|
Customer Service Training |
€1,450.00 |
|
Diploma in Statistics |
€1,450.00 |
|
Professional Services Witholding Tax Course |
€1,540.00 |
|
Leading the HR Function |
€1,700.00 |
|
Neuro Linguistic Programming |
€1,900.00 |
|
AP Development Programme |
€2,000.00 |
|
Stakeholder Centred Coaching |
€1,909.55 |
|
Legislative Drafting |
€2,070.00 |
|
Irish x 3 |
€2,235.00 |
|
Meridian Programme in Leadership |
€2,250.00 |
|
MS Project Training x 2 |
€1,450.00 |
|
FOI Training x 4 |
€3,800.00 |
|
HEO/AO Development Programme x 2 |
€7,280.00 |
|
EU Negotiations |
€3,400.00 |
|
Capital Requirement Directive Training |
€4,000.00 |
|
Report Writing |
€4,300.00 |
|
Presentation skills x 3 |
€6,198.00 |
|
IMI Diploma in Compliance Management |
€9,950.00 |
|
Leadership Challenge |
€10,600.00 |
|
Diploma in Project Management |
€27,885.00 |
|
Diploma in Tax |
€16,856.00 |
|
CO Interview Board Training |
Free |
|
Disability Lunch and Learn talk |
Free |
|
Induction x 2 |
Free |
|
JD Edwards training |
Free |
|
Lunch and Learn Policy Perspectives x 4 |
Free |
|
Pre-Retirement Course |
Free |
|
Public Financial Procedures and Government Accounting |
Free |
|
Stress Management |
Free |
|
Women in Leadership Workshop |
Free |
|
Total spent on non-Refund of Fees Training |
€127,162.90 |
|
Refund of Fees: |
|
|
Advanced Diploma in international Tax (exams only) |
€218.00 |
|
Law Society Final Exams |
€140.00 |
|
ACCA |
€450.00 |
|
Diploma in Spanish |
€355.00 |
|
MSc in Economic Policy analysis |
€1,277.20 |
|
Accounting Technicians Ireland |
€1,310.00 |
|
Professional Diploma in Official Statistics for Policy Evaluation |
€1,450.00 |
|
Diploma in Investment Fund Services |
€1,605.00 |
|
BA(Ord) in Law |
€1,645.00 |
|
MSc in HR Management |
€1,750.00 |
|
Chartered Tax Advisor |
€1,863.50 |
|
Associate of the Irish chartered Tax Advisor Programme |
€1,963.50 |
|
AITI |
€1,963.50 |
|
Diploma in HRM |
€1,990.00 |
|
BA in Economics and Politics |
€2,439.50 |
|
AITI Chartered Tax Adviser Programme |
€2,448.00 |
|
Bachelor of Business Studies-HR |
€2,980.00 |
|
Bachelor of Business Studies |
€3,100.00 |
|
PHD in Economics |
€3,700.00 |
|
Diploma in International Financial services Law |
€4,000.00 |
|
Advanced Diploma in Legislative Drafting |
€4,500.00 |
|
MSc in Banking |
€4,640.00 |
|
Barrister at law |
€6,280.00 |
|
MBA |
€7,712.00 |
|
Master in Economic Science in Policy Analysis |
€7,900.00 |
|
Doctorate in Governance |
€8,000.00 |
|
Diploma in Leadership |
€9,450.00 |
|
MSc in Economic Policy Studies x 3 |
€30,054.00 |
|
Total cost on Refund of Fees Scheme |
€115,184.20 |
|
Total cost of all training/education courses, programmes, seminars and other interventions |
€242,347.10 |
74. Deputy Michael McGrath asked the Minister for Finance the overall cost of the leadership and training development course in 2014-15; the persons and bodies that provided the course; the number of staff members who took the course; and if he will make a statement on the matter. [26796/15]
Amharc ar fhreagraThe Department of Finance continues to invest in staff development in order to supplement the skills and qualifications of our teams, through a combination of internal and external learning and development activities.
The Department strives to improve learning and development in management and leadership skills in order to continue to perform at the highest levels. The Department was shortlisted as part of the Irish Institute of Training and Development (IITD) Awards, in the Best Learning Organisation for Medium Sized Enterprises 2015. The Department was awarded an Outstanding Achievement Award from the IITD which recognises our commitment to the achievement of the highest standards in learning and development.
Below is a list of the Developmental and Leadership programmes undertaken between 1st September 2014 and 30th June 2015.
|
Course |
Supplier |
Number of Attendees |
Cost |
|
AP Development Programme |
IPA |
9 |
€2,000.00 |
|
HEO/AO Development Programme |
IPA |
40 |
€7,280.00 |
|
Leadership Challenge |
IPA |
2 |
€10,600.00 |
|
Coaching Training |
Seven |
1 |
€337.50 |
|
Coaching Training x 6 |
THRIVE |
6 x 1 |
€2,000.00 |
|
Stakeholder Centred Coaching |
PRISM |
1 |
€1,909.55 |
|
Corporate Governance training |
IPA |
1 |
€405.00 |
|
Meridian Programme in Leadership |
Common Purpose Ireland |
1 |
€2,250.00 |
|
Total |
|
58 |
€26,782.05 |
75. Deputy Michael McGrath asked the Minister for Finance if he will provide, in tabular form, a breakdown of all third level courses and training programmes provided for employees of the Central Bank of Ireland, and the accompanying cost for the 2014-15 academic year from 1 September 2014 to the end of June 2015; and if he will make a statement on the matter. [26798/15]
Amharc ar fhreagraUnder Section 6D of the Central Bank Act 1942, as amended, the Central Bank Commission is responsible for administrating the staffing of the Central Bank with a view to enabling the Central Bank to perform and exercise its functions and powers. Section 6D also provides that the Central Bank Commission is responsible for the establishment and operation of a policy under which provision is made for employees of the Central Bank to be given opportunities for training and experience in various activities of the Central Bank.
In that regard, the Central Bank has provided me with the following table outlining all third level courses and training programmes provided for employees of the Central Bank from September 2014 to June 2015, the total cost of such courses and the number of participants on each course.
|
Course |
Number of people |
|
ACA Qualification |
3 |
|
ACCA Qualification |
12 |
|
Actuarial Qualification |
1 |
|
Advanced Diploma in Corporate White Collar Crime |
1 |
|
Advanced Diploma in Legislative Drafting |
1 |
|
Aircon & Plant Facilities |
4 |
|
AITI Chartered Tax Advisor |
1 |
|
Bachelor of Business Studies |
2 |
|
Barrister-at-Law-Degree |
1 |
|
BSc Computing & Information Systems |
1 |
|
Certificate & Diploma in Company Direction |
1 |
|
Certificate in Complex Financial Instruments in Financial Services |
1 |
|
Certificate & Diploma in Compliance |
4 |
|
Certificate in Compliance |
15 |
|
Certificate in Employee Relations and Employee Law |
1 |
|
Certificate in Financial Crime Prevention |
1 |
|
Certificate in HR Practice (CIPD) |
2 |
|
Certificate in Human Resource Development |
1 |
|
Certificate in HR management (CIPD) |
2 |
|
Certificate in Irish and UK GAAP |
2 |
|
Certificate in People Management |
3 |
|
Certificate in Personnel Development |
1 |
|
Charted Insurance Institution Qualification |
1 |
|
Chartered Accountancy Ireland |
2 |
|
Chartered Financial Analyst |
9 |
|
CIMA Diploma in Islamic Finance |
2 |
|
CIMA Diploma in Management Accounting |
1 |
|
CIMA Qualification |
2 |
|
CIMA-Operational Level |
1 |
|
CISCO CCNA Certificate |
1 |
|
Diploma in Anti Money Laundering |
1 |
|
Diploma in Business Analysis |
1 |
|
Diploma in Business Finance |
2 |
|
Diploma in Business Studies |
1 |
|
Diploma in Compliance |
11 |
|
Diploma in Corporate Law & Governance |
3 |
|
Diploma in Data Business |
1 |
|
Diploma in Employment in Law |
1 |
|
Diploma in Event Management & PR |
1 |
|
Diploma in Executive Coaching |
2 |
|
Diploma in Finance |
1 |
|
Diploma in Finance Law |
3 |
|
Diploma in Insurance |
1 |
|
Diploma in International Financial Law Services |
1 |
|
Diploma in Investment Funds & Compliance |
2 |
|
Diploma in Law |
2 |
|
Diploma in Leadership |
5 |
|
Diploma in Legal Studies |
1 |
|
Diploma in Management |
2 |
|
Diploma in Organisational Behaviour |
1 |
|
Diploma in Organisational Renewal & Transformation |
2 |
|
Diploma in Regulatory Management |
1 |
|
Diploma in Strategy Innovation & Change |
3 |
|
Diploma in Supervisory Management |
1 |
|
Food & Beverage Certificate |
1 |
|
Graduate Certificate in Actuarial Applications |
2 |
|
Graduate Diploma in Procurement Supply |
1 |
|
International Certificate in Risk Management |
1 |
|
LLM Masters in Law |
1 |
|
MSc. Compliance |
1 |
|
MSc. Investment Treasury and Banking |
1 |
|
Master of Arts in Political Communication |
1 |
|
Master in Business Studies |
1 |
|
MBS in Entrepreneurship & Marketing |
1 |
|
MSc. Economics |
1 |
|
MSc. Financial Services |
2 |
|
MSc. in Business management |
1 |
|
MSc. in Supply Chain Management |
1 |
|
MSc. IT management |
1 |
|
PhD Economics |
1 |
|
PMI Professional in Business Analysis |
1 |
|
Post graduate Programme in Statistical Systems |
1 |
|
Postgraduate Diploma in Finance |
1 |
|
Professional Certificate in Governance |
1 |
|
Professional Certificate in Stockbroking |
2 |
|
Professional Diploma in Official Statistics of Policy Evaluation |
1 |
|
Professional Risk Manager Exam |
1 |
|
Project Management Certificate |
8 |
|
QFA-Financial advice |
6 |
|
Qualified Lawyer's Transfer Test |
1 |
|
The Mechanics of Risk Management |
1 |
|
For the period Sept 2014 June 2015: |
|
|
Total Number of Discrete Qualifications Pursued |
81 qualifications |
|
Total Number of People Pursuing Qualifications |
172 people |
|
Total Associated Cost |
€475,056.08 |
76. Deputy Michael McGrath asked the Minister for Finance if he will provide, in tabular form, a breakdown of all third level courses and training programmes provided for employees of the Revenue Commissioners and the accompanying cost for the 2014-15 academic year from 1 September 2014 to the end of June 2015; and if he will make a statement on the matter. [26799/15]
Amharc ar fhreagraI am advised by the Office of the Revenue Commissioners that building and retaining internal capacity and expertise is a key corporate priority and critical to the achievement of Revenue's strategic objectives. Through a range of relevant programmes and schemes, Revenue supports employees in achieving relevant professional qualifications. Third level academic courses are part of the suite of training programmes provided by Revenue to meet business needs and are delivered both internally and externally to Revenue employees.
A breakdown of all third level courses and training programmes provided for employees of the Revenue Commissioners and accompanying cost, for the 2014-2015 academic year, from 1 September 2014 to the end of June 2015 is set out in the following table.
THIRD LEVEL COURSES / PROGRAMMES & COSTS 2014/2015
|
Third Level Courses / Programmes |
Employees |
Costs |
|
University of Limerick Accredited Programmes: Diploma in Applied Taxation and BA (Hons) in Applied Taxation |
287 |
€812,300 |
|
Certificate in Income Tax & Payroll Compliance |
48 |
€33,360 |
|
Tax Technician |
19 |
€29,100 |
|
Professional Accountancy Qualification |
10 |
€17,254 |
|
Chartered Tax Adviser |
8 |
€11,884 |
|
MSc in Economic Policy Studies |
1 |
€9,785 |
|
BA in Business Studies |
5 |
€8,895 |
|
MSc in Innovation Management in the Public Service |
1 |
€6,640 |
|
Solicitor Professional Practice Part II |
1 |
€4,500 |
|
Diploma in Information Systems |
1 |
€3,530 |
|
MSc Information Systems Strategy |
1 |
€3,270 |
|
MSc Management of Information Systems |
1 |
€3,270 |
|
Diploma in Forensic Accounting |
1 |
€2,925 |
|
Masters in Management Operations |
1 |
€2,828 |
|
BA in Public Management |
2 |
€2,820 |
|
MSc in Business |
2 |
€2,785 |
|
Diploma in Applied Irish |
2 |
€948 |
For completeness, it should be noted that, in addition to third level courses and training programmes, Revenue provides relevant functional training to its staff to help build internal capacity and expertise. Revenue also provides opportunities for continuous professional development and supports staff development through a refund of fees scheme.
I strongly commend Revenue's approach of investing in its people to increase and expand its capacity and capability so that it can continue to respond to its current and future challenges.
