I am going to have to disappoint the Deputy as I have the information for Kildare but not Cork available this morning. Of course, I can get that information for him and will share it with him quickly. The rent tax credit, as he outlined, has been brought in. In budget 2025, it was increased to €1,000 for a single person and €2,000 for a jointly assessed couple. This increase applies for 2025 and also retrospectively for 2024 in recognition of the cost-of-living pressures facing many renters. The statistics relating to the rent tax credit for 2024-25 are only available for PAYE taxpayers. They are, therefore, made on a taxpayer unit basis. As regards County Kildare, it was 8,634 taxpayer units for 2024 and 985 for 2025. Most claims for credits, however, take place after the year end. I expect that the bulk of claims for this year will not be made until next year. I see no reason at all for this year's figure to be lower than what it was in 2024. Of course, I will provide the Deputy with the information for Cork and will write to his office in that regard.
Sentiment score: 0.08
The commitment in the programme for Government is very clear. We recognise the value and support this credit has provided. Over time, in the different budgets the Government will bring forward, we will seek to improve it, as will be the case with other important credits and tax reliefs. It has played a role in helping with the affordability of rents for many tenants. I agree with all the Deputy said in this regard. I am confident, as we bring budgets forward, that we will be able to make progress on the relief and support that it offers to those who are renting.
Sentiment score: 0.68
We have not yet had discussions in that regard, to be frank with the Deputy, because of how early we are in the lifetime of this Government and in preparing for the next budget. Of course, we have schemes in place such as the first home scheme, which is a shared equity scheme, and the help to buy scheme. They are designed to help everybody looking to buy their first home, particularly new builds in the context of the help to buy scheme, and make a contribution to the deposit for that. That applies to everyone. It is of particular help to those who have challenges in building up their deposit. We appreciate the importance of those schemes in both helping with affordability and providing the incentive for supply to increase. As I said, between those particular schemes and where we are with the rent tax credit, they are the kinds of interventions that I hope are of help to many in dealing with the high cost of housing at the moment.
Sentiment score: 0.49
I propose to take Questions Nos. 7 and 12 together. To facilitate a back-and-forth discussion on the issue, I will quickly emphasise what I said in reply to Deputy Connolly earlier. Of course, due to Ireland being an open trading economy, we can be strongly affected by changes that happen in global trade. We are currently considering these potential scenarios and they will be outlined in the stability programme update in April.
Sentiment score: 0.03
Of course we need to do that. We have made efforts to do that in recent years and need to continue to do so. That is why changes with regard to carbon taxation continue to be essential. It is why changes that we will make in the time ahead to our PRSI system to ensure that our Social Insurance Fund is sustainably funded in the years ahead are really vital. As regards other things we need to do, that is why I have made the case over many years for running budget surpluses. Imagine where we would be today if we were considering the economic risks we face and we were borrowing lots of money. The risks we are all about to discuss would be multiplied even further. Thankfully we are not in that position but as I said earlier, we also need to look at the investments we can make that deal with not only the needs of our society but also make us more economically competitive and sustainable. That work is currently being overseen, in particular by the Minister, Deputy Chambers as we look at changes we can make to our national development plan.
Sentiment score: 0.07
There is an obvious contradiction in what the Deputy is saying.
Sentiment score: -0.25
Of course there is.
Sentiment score: 0.00
It is great to hear the Deputy make the case for the resilience of foreign direct investment, which is a new departure for him that I welcome but, on the one hand, what he is saying-----
Sentiment score: 0.83
-----is this employment has a value, and there are lots of these employers in Ireland, and then he is making the case that we should tax them even more and apply wealth taxes to them.
Sentiment score: 0.71
How is that going to help with the challenges we have regarding the safety of our public finances and keeping jobs in Ireland if we are going to tax them more and more? Of course we need to diversify our economy. Of course we need to ensure we have more sources of growth in our jobs market but it should be noted that we have never had more people at work in Ireland and the public finances are in surplus, which is due to the fact that we have a variety of different employers in our country, all of whom are contributing to the creation of jobs and our tax revenues.
Sentiment score: 0.45
I agree with Deputy Nash that we need to continue our efforts to diversify our economy and to support employers of all different shapes and sizes. I thank him for recognising the work of Enterprise Ireland in this regard. It does exceptional work. I believe the strength of our food sector and the growing strength of our energy sector within our economy are examples of how we can strengthen the diversity of employment and the diversity of where we can generate economic growth in the future. That remains the key mission of the Government to create the money and resources we need to invest back into the better society and to deal with all the issues the House is well aware of. Deputy Boyd Barrett knows I have great respect for him as an individual. While I disagree with many of his views, I have always admired their consistency. I have to honestly say to him that the points he is making here today at best sound naive, if not quite dangerous, given the risks we are confronting here today.
Sentiment score: 0.54
For the Deputy to suggest, given the difficulties we clearly face, on which I answered questions earlier regarding the implementation of a current global tax deal, that jobs and our competitiveness could be secured by going beyond that and taxing more by bringing in new forms of tax, shows no understanding of what it takes to create a job and keep it in Ireland. The path the Deputy is advocating for is one that would lead to a weaker and more vulnerable economy. It is a course of action that I am certainly not going to follow.
Sentiment score: 0.06
I congratulate Deputy O'Sullivan on his election to Dáil Éireann and I thank him for his first question to me on what I know is a very important matter. My Department and I share concerns that the scheme is no longer fit for purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual. Under the previous Government, the national disability and inclusion strategy, NDIS, transport working group recommended that the disabled drivers and disabled passengers scheme be replaced with a modern, fit-for-purpose vehicular adaptation scheme. This is in line with the general view that we need to move away from a medical criteria-based approach to a needs-based approach. Subsequently, under the aegis of the Department of the Taoiseach, the subgroup convened to progress these proposals for needs-based, grant-aided, modern vehicle adaptation supports to replace the disabled drivers scheme, DDS, have produced a report that has been submitted to the Department of the Taoiseach, for its consideration. In that context, any further changes to the existing scheme would run counter to proposals to entirely replace the scheme with a modern, fit-for-purpose vehicular adaptation scheme. The programme for Government commits to progressing the review of the scheme and this is very much a matter for a wider government response. While I do not have responsibility for disability policy, I do have responsibility for a number of the other issues raised by the Deputy. I will work with my Government colleagues to progress this matter in the coming months. I apologise to the Deputy. I referred to him using the name of the Deputy who put down the question in written form. I have not met Deputy Connolly before. I congratulate him. I am sorry I opened by referring to him as another TD.
Sentiment score: 0.27
I do not have a timeline regarding the publication of that report - if indeed it will be published. Of course, any changes we would make would be subject to debate in the Chamber and because they may require legislative change, they will be discussed by the Committee on Finance, Public Expenditure and Reform, and Taoiseach. There will, therefore, be ample opportunity for the Deputy to put questions to me on the matter and for me to hear his views on it.
Sentiment score: 0.15
I propose to take Questions Nos. 9 and 14 together. As Deputies are aware, the UN maintains a database of businesses involved in certain specified activities relating to settlements in the occupied Palestinian territories, OPT. At the end of 2023, direct investments by the Ireland Strategic Investment Fund, ISIF, in companies on the UN database was approximately €4.2 million in 11 companies. ISIF’s indirect investments included eight companies, totalling approximately €9.4 million. ISIF divested from six of these companies with a total value of approximately €2.95 million in 2024. The six companies were Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank Limited, Mizrahi Tefahot Bank Limited, First International Bank Limited and Rami Levi Chain Stores Limited. ISIF continues to monitor its holdings to ensure that investments are within ISIF’s risk profile and investment parameters. Given commercial sensitivities, ISIF does not comment on individual investment decisions. ISIF publishes information on the overall return of its global portfolio as part of the National Treasury Management Agency's, NTMA, annual report but does not publish a breakdown of returns by each individual investment. The amount of investment by ISIF in the companies on the UN list is small compared with the market capitalisation of many of these companies. It is also small - if not very small - relative to the size of the Irish economy. It is not clear as to the level of income such companies derive from activities in the occupied territories. It is not certain that these investments, therefore, in themselves represent a significant contributory factor in maintaining Israel’s presence in the occupied Palestinian territories. The issue of whether investments by ISIF in particular companies which, as part of their business model, have some activity in the occupied Palestinian territories runs contrary to the rulings of the International Court of Justice would need further consideration. I understand that discussion is ongoing at EU level on a legal analysis of the advisory opinion from the court. The National Treasury Management Agency (Amendment) Act 2014 sets out ISIF’s mandate with regard to the investment of the fund. Under the amendment Act, the agency has responsibility for determining, monitoring and keeping under review an investment strategy for the fund in accordance with the investment policy for the fund. On the issue of amending the fund, ISIF has a policy of limited disinvestment. For example, the Fossil Fuel Divestment Act 2018 provides for the divestment by ISIF from certain fossil fuel undertakings. This builds on ISIF’s existing investment exclusionary strategy in respect of cluster munitions and anti-personnel mines, coal production and processing and tobacco manufacturing.
Sentiment score: 0.06
I disagree strongly with the Deputy's overall analysis regarding the Government's stance on the people of Palestine. From the decision we made regarding the recognition of the Palestinian state, one supported by the entire Dáil, to the ongoing funding we have provided through multilateral and international organisations to support those people, who have seen such harm and loss of life in recent months, our stance is very clear and is understood and valued by those who represent the people of Palestine at a political level. Regarding the Deputy's point about divestment, if I look at the value of the shares held directly and indirectly by ISIF, it is not clear that they play any role in supporting the occupation of Palestinian territories. The Deputy referred to the fact that there has been much legal analysis and debate about this. I will consider the content of that advice in the coming weeks, particularly the legal assessment about the impact of the decision of the International Court of Justice on these kinds of matters.
Sentiment score: 0.41
It is important to acknowledge that the overall size of the Israeli economy is €500 billion. That is how big that economy is. ISIF is enormous, and many different investments are taking place across the world. We have already seen ISIF divest from companies within Israel. As I said in response to the House earlier, it is not clear to me, given the scale of the investment that ISIF has, both directly and indirectly, that it is in any way playing a role-----
Sentiment score: 0.02
-----in funding the kinds of activities and the approach that this Government has been clear in condemning. I have said to the House that I am aware of all of the legal debate that has taken place about the Sinn Féin Bill and the issues that have been raised. I am, of course, going to consider the issue further.
Sentiment score: 0.17
The Deputy should note at the outset that capital acquisitions tax, CAT, is a beneficiary-orientated tax that is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. The relationship between the person giving a gift or inheritance, the disponer, and the person who receives it, the beneficiary, determines the maximum amount, known as the "group threshold", below which CAT does not arise. The group A threshold is currently €400,000 and applies where the beneficiary is a child, including adopted child, stepchild and certain foster children of the disponer. The group B threshold is currently €40,000 and applies where the beneficiary is a brother, sister, nephew, niece or lineal ancestor or lineal descendant, such as a grandchild, of the disponer. The group C threshold is currently €20,000 and applies in all other cases. Gifts and inheritances between spouses and civil partners are exempt from CAT. Where a person receives gifts or inheritances that are in excess of the relevant tax-free threshold, capital acquisition tax at a rate of 33% applies on the excess benefit. There are a number of exemptions and reliefs from this tax that may apply depending on the circumstances of the case, many of which do not require that any specific family relationship applies. The Deputy will be aware that there would be a significant cost in making substantial changes to the CAT thresholds and those who can access them. Therefore, any consideration of this type must be balanced against competing demands and as part of the annual budget and finance Bill cycle.
Sentiment score: 0.40
I thank the Deputy. I am well aware of the kinds of issues he has raised. I am sure his constituents raise them with him. Times of inheritance are obviously difficult moments for families. Tax bills at times of sadness can be considerable. As I said in my earlier answer, any change to this form of taxation brings a particular, and perhaps significant, cost. That must be considered as part of our normal budgetary process. I certainly take on board what the Deputy has said. It is a matter that has been raised with me and other Ministers for Finance over the years. There are good reasons that decisions on the issue have not been made in the way in which the Deputy is advocating. In the time ahead, we will consider the issue again. I thank the Deputy for raising it.
Sentiment score: 0.13
The Deputy might clarify when he responds the source of the figure of €8 billion, please, so that we are clear on the particular point he is making. I am advised by Revenue that in 2022 it commenced a compliance-based review of the Irish real estate fund, IREF, sector with one of its aims being to identify the reasons for the reduction in the amount of IREF withholding tax paid in 2021 relative to 2020, in each case arising from prior year taxable events. This gross payment data is published as part of Revenue’s annual corporation tax payments and returns publication. I am further advised by Revenue that a large factor in the apparent reduction in tax collected in 2021 over tax collected in 2020 was the length of time it took for refund claims in respect of prior years to be received. Revenue also advise that some IREFs reported that the Covid-19 pandemic impacted the value of investment property, meaning they recorded losses in accounting periods ended in 2020. I welcomed a recommendation of the Commission on Taxation and Welfare 2022 to undertake a review of the IREF regime. On 22 October 2024, my predecessor as Minister, Deputy Chambers, published the funds sector report “A Framework for Open, Resilient & Developing Markets”. On IREFs, the funds review team recommended consideration of a public consultation to set out potential options for an entity-level tax for IREFs. Officials in my Department are reviewing this recommendation, as part of a wider consideration of the funds review report which I, in turn, will consider in due course.
Sentiment score: 0.12
The review was a compliance review undertaken by Revenue and therefore it would not publish a document in relation to that, respecting taxpayer confidentiality. However, it has indicated, as I shared with the Deputy, the tax payments that were made by that sector to the Exchequer over recent years. For 2023, that figure stands at €31.8 million. In 2017, that figure was €8.3 million. Therefore, there has been an increase in the tax paid. We need a broader consideration of how we are going to deal with the housing needs that are so clearly there. I believe the Deputy acknowledges that in order to meet the housing needs which are only growing, the private sector must play a role. Part of how the private sector will do that is by allowing the savings and pensions in other parts of the world to be invested in providing homes here in Ireland. We do need to deal firmly with tax compliance issues, as has been done, and we need to find ways by which more homes can be built.
Sentiment score: 0.24
Tá brón orm. I was only reading out a base figure in the interests of time. Let me be non-selective and read out all the figures for each year since 2017. Those figures are: €8.3 million, €28.2 million, €72 million, €73.8 million, €43.1 million, €37.6 million and €31.8 million, respectively. In recent years-----
Sentiment score: 0.12
-----we have seen it at that figure. This is the reason Revenue instigated the compliance intervention that it did. I have made changes. I did so by means of tax legislation in order to ensure that issues that were being raised with me by Revenue were acted upon, and that happened. As soon as further information becomes available for the sector, it will of course be shared with the Deputy and made public.
Sentiment score: 0.14