Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

12/05/2012 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

KKK03500

Selected Quill

SnippetType

1

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

1

Speaker Name

IndxSpeakerName

Fleming, Sean

Business Category

IndxMainHeadCat

Financial Resolution No. 14: Capital Acquisitions Tax

Sub Category

IndxSubTopic


Topic

IndxQHeadTopic


See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

785

Book No

BookNo

2

Pdf Ref

PdfPageRef

572

Default Business Index

IndexViewCategoryDefault

Financial Resolution No. 14: Capital Acquisitions Tax

3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Financial Resolution No. 14: Capital Acquisitions Tax

3 Part Topic Index

IndexViewCategoryTitleSpeaker


Motion Code

MotionCode


Motion Title

MotionTitle


Stage

MotionStage


Amendment No

MotionAmendmentNo


Bill Code

BillCode


Bill Title

BillTitle


Stage

BillStage


Section

BillSection


Statement Code

StatementCode


Statement Title

StatementTitle


Stage

StatementStage


Hour Indicator

HourIndicator

Not applicable

Procedural Instruction

Procedural_Instruction

No

Debate Adjourned

DebateAdjourned

No

Question Askee

QAskee


Question Asker

QAsker


Question Department

QDept


Question ID

QID


Question Reference

QRef


Question Speaker PID

QSpeakerPID


Question Speaker PID To

QSpeakerPIDTo


Questions Asked

QUESTIONSASKED


Speaker Type

SpeakerType

1

Speaker Name

Senator


Deputy


Minister


Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display

Deputy Sean Fleming

Speaker

Speaker

Deputy Sean Fleming

SpeakerPID

SpeakerPID

SeanFleming

SpeakerText

SpeakerText

Sean Fleming

OriginalUnidSnippet

OriginalUnidSnippet

7F416A98648655FF80257ACB0083A43A

LastModifiedSnippet

LastModifiedSnippet

05/06/2020 11:42:20 AM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

Yes, and the Minister can reply. I am satisfied with that and note the proposals are significant but quite straightforward. I will speak to them in sequence. Resolution No. 10, on which the Minister spoke in detail, in layman's English is about increasing the rate of deposit interest retention tax, DIRT, which currently is at 30%, by 3% to 33%. Based on the Minister's statement today and the schedule on page A11 of the summary of the budget measures regarding deposit interest retention tax and exit tax on life assurance policies and investment funds recovered here, it proposes an increase in the rate of retention tax that applies to deposit interest, as the Minister already mentioned. It also will apply to life assurance policies and investment funds and the rates are being increased by three percentage points from 30% to 33% for payments made annually or more frequently and 36%, as the Minister already has mentioned, for more complicated cases in which the rate is only calculable at different intervals. Moreover, these increased rates will apply from 1 January 2013 and are expected to yield €50 million in the first year and €64 million in the second year.
These changes are broadly in line with the budget proposals put forward by Fianna Fáil. Another reason I consider this measure to be a good idea is that in the first instance, it constitutes taxation on people with large amounts of money sitting in the bank. It might actually encourage them to withdraw some of it and spend or invest it, thereby helping the economy. While I acknowledge the interest rate is quite low at present, increasing the DIRT rate might encourage people to get better use from their funds by putting them to use in the economy. This was one reason Fianna Fáil proposed an increase in the rate of DIRT. This point also essentially covers Financial Resolution No. 11 on the same basis.
Financial Resolution No. 12 proposes a change in the rate of capital gains tax, whereby the current rate of 30% also is to be increased by 3% to 33% and this increase will apply in respect of disposals made after tonight. If someone can get the documentation signed between now and midnight, the old rate will apply but otherwise, they will be caught with the new rate. I may not be technically correct in saying that but I understand this measure will come in from midnight tonight.