Written Answers Nos. 371-388
372. Deputy Catherine Murphy asked the Minister for Finance the estimated full year cost to reduce the second rate of USC from 2% to 1%, together with increasing the upper band limit for this proposed second rate of USC from €22,920 to €24,900. [16928/23]
View answerI am advised by Revenue that the estimated cost to the Exchequer, on a first and full year basis, for the proposal outlined by the Deputy is €348 million and €401 million respectively.
As the Deputy may be aware, a reduced rate of USC of 2% currently applies for those aged over 70 years with income of €60,000 or less and for those who hold a full medical card with income of €60,000 or less. The estimated costing also includes a decrease in the reduced rate of USC from 2% to 1% for consistency.
373. Deputy Ivana Bacik asked the Minister for Finance the number of renters who have claimed the renters' credit this year. [16980/23]
View answerThe Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997 (TCA 1997), was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end 2025.
Claims in respect of the 2022 year of assessment can be made by PAYE taxpayers by submitting an Income Tax return for that year. For claims relating to 2023, from 20 February 2023 onwards, PAYE taxpayers now have the option of claiming the rent tax credit due to them as rent is incurred or at the end of the year through their Income Tax return.
The Rent Tax Credit statistics currently available refer only to claims by PAYE taxpayers for the 2022 tax year and the 2023 tax year to-date. Data on claims by self-assessed taxpayers is not yet available as these taxpayers’ returns are generally submitted later in the year. The statutory filing date for the 2022 tax return for self-assessed taxpayers is 31 October 2023.
Over 216,000 Rent Tax Credit claims have been made by over 201,000 taxpayer units up to and including the 12 April 2023, consisting of:
- 180,129 taxpayer units that made claims for 2022 only,
- 14,378 taxpayer units that made claims for both 2022 and 2023, and
- 7,456 taxpayer units that made claims for 2023 only.
- The Rent Tax Credit claims made are on a ‘taxpayer unit’ basis. A taxpayer unit is either an individual with any personal status who is singly assessed or a couple in a marriage or civil partnership who have elected for joint assessment.
374. Deputy Michael Lowry asked the Minister for Finance if he will provide an update on the impact of the implementation of Pillar One and Two rules on the Exchequer; his plans to reduce any negative impacts; and if he will make a statement on the matter. [16982/23]
View answer375. Deputy Michael Lowry asked the Minister for Finance if his Department perceives the EU directive on Pillar Two rules as being a risk to long-term tax stability and certainty in Ireland, if other EU Member States were to advocate for a minimum corporation tax rate that would be higher than 15% in the future; how the Exchequer will manage such a risk; and if he will make a statement on the matter. [16983/23]
View answerI propose to take Questions Nos. 374 and 375 together.
The Department of Finance and the Revenue Commissioners are continually monitoring the impact of the potential economic impact of implementation of the OECD agreement.
An initial estimate of the potential cost of implementation of both pillars of the OECD agreement in terms of reduced tax receipts was published in 2020 as being potentially in the region of €2 billion per annum - approximately 20% of CT revenue at that time.
Since 2020, while acknowledging that CT receipts have increased considerably over that time, it has not been possible to update this figure while so many aspects of the rules remain undecided and so the estimate used for budgetary purposes has remained at €2 billion.
For Pillar One, significant uncertainty remains in relation to the final design of certain elements of the rules which will have a bearing on the potential impact to the Exchequer. Officials from the Department of Finance and the Revenue Commissioners continue to engage constructively in negotiations on these matters at the OECD to ensure that Ireland’s best interests are protected and to ensure that the outcome of this work is faithful to the October 2021 agreement and represents a fair outcome to all jurisdictions.
Pillar One will come at a cost as some taxing rights are allocated to market jurisdictions but as a small and open economy this is a price that is worth paying for the stability of the international tax framework.
Pillar Two of the OECD agreement will implement a minimum rate of tax, not just in Ireland, but globally. The EU Minimum Tax Directive will implement the minimum tax element of Pillar Two in the EU, including in Ireland. Domestic legislation will be brought forward in the Finance Bill later this year and a detailed Feedback Statement was published recently.
This Directive will be significant in ensuring a consistent application of the OECD agreement on minimum tax across all member states and in accordance with EU law, and thus will play an important role in safeguarding Ireland's competitive tax regime. The Directive provides for implementation by 31 December in keeping with the OECD agreement’s requirement of implementation this year.
Contrary to being a risk the certainty and stability, it is expected that overall, the implementation of Pillar Two will bring long-term stability and certainty to the international tax framework for both business and government alike.
We are all aware that Tax Sovereignty is an area close to the heart of Irish citizens and direct tax remains a sovereign competence and any change would require a unanimous decision from all EU member states.
It is of course open to each Member State to have whatever tax rate they choose. Ireland’s longstanding 12.5% rate of corporation tax will remain in place for the vast majority of business in Ireland as the 15% effective tax rate will only apply to in scope entities with an annual turnover of €750 million or above.
In competing for future investment Ireland will continue to play to our strengths, including maintaining a forward-looking business environment, a whole-of-government approach to ensuring we remain agile and competitive, and importantly recognising the value of an educated and dynamic workforce who have consistently delivered innovation and profitability over many decades for businesses that have made Ireland their home.
377. Deputy Louise O'Reilly asked the Minister for Finance the total excise receipts earned from tobacco products in 2021 and 2022. [17037/23]
View answerI am advised by Revenue that the total receipts collected from Tobacco Products Tax (TPT) in 2021, and prior years, are published on the Revenue website at the following link:
www.revenue.ie/en/corporate/information-about-revenue/statistics/excise/receipts-volume-and-price/excise-receipts-commodity.aspx
The provisional TPT receipts for 2022 are €1,160.6 million.
378. Deputy Louise O'Reilly asked the Minister for Finance the annual increases in the retail price of the most popular price category for a pack of roll-your-own tobacco since 2011; the portion of the increase related to taxes; the portion of the increase due to price rises by the tobacco industry in tabular form; and if he will make a statement on the matter. [17038/23]
View answerI am advised by Revenue that the table below shows the annual increases in the retail price of the most popular price category (MPPC) for a pouch of roll-your-own tobacco since 2011, together with the portions related to tax increases and trade increases in each year. The Deputy will wish to note that, for the years 2011 to 2016 the MPPC pouch contained 12.5 grams of tobacco, whereas from 2017 onwards the MPPC pouch contained 30 grams.
|
|
MPPC at 1 January |
Tax Increase |
Trade Increase |
Total Increase |
MPPC at 31 December |
|
Year |
|||||
|
|
€ |
€ |
€ |
€ |
€ |
|
2011* |
4.25 |
0.13 |
0.17 |
0.30 |
4.55 |
|
2012* |
4.55 |
0.30 |
-0.05 |
0.25 |
4.80 |
|
2013 |
4.80 |
0.06 |
0.24 |
0.30 |
5.10 |
|
2014 |
5.10 |
0.32 |
0.48 |
0.80 |
5.90 |
|
2015 |
5.90 |
0.28 |
0.12 |
0.40 |
6.30 |
|
2016 |
6.30 |
0.28 |
0.02 |
0.30 |
6.60 |
|
2017 |
15.00 |
0.93 |
1.07 |
2.00 |
17.00 |
|
2018 |
17.00 |
0.94 |
0.06 |
1.00 |
18.00 |
|
2019 |
18.00 |
0.70 |
0.30 |
1.00 |
19.00 |
|
2020 |
19.00 |
0.70 |
0.80 |
1.50 |
20.50 |
|
2021 |
20.50 |
0.70 |
0.80 |
1.50 |
22.00 |
|
2022 |
22.00 |
0.70 |
0.80 |
1.50 |
23.50 |
|
2023** |
23.50 |
0.00 |
0.20 |
0.20 |
23.70 |
*Tax increase effective from December, other years effective from October.
**The latest price for the MPPC at 12 April 2023 is €23.70. The increase over the 1 January price is not related to any tax change.
379. Deputy Fergus O'Dowd asked the Minister for Finance if mortgage applicants can be protected by rising interest rates following initial mortgage agreements (details supplied); and if he will make a statement on the matter. [17065/23]
View answerThe formulation and implementation of monetary policy is an independent matter for the European Central Bank (ECB). In line with its objective to reduce the level of inflation to its long-term target, the ECB has increased official interest rates on six occasions by a total of 3.5% since the summer.
This has impacted on the general level of interest rates in all countries that use the euro, including the wholesale cost of funds of banks and other mortgage creditors and the level of retail mortgage and other loan rates.
However, within the framework of monetary policy as determined by the ECB, it is then a commercial decision of each lender to determine its own lending rates. Therefore, any decision taken by individual mortgage creditors in relation to setting or changing of interest rates is, subject to compliance with the terms of individual mortgage contracts, a commercial matter for those creditors.
Also the period of time in respect of which a mortgage approval applies and/or the period of time that an offer of a particular fixed interest rate applies, is also a commercial decision for an individual mortgage lender. These mortgage creditors are independent, commercial entities and neither the Central Bank nor I have a role or function in such matters.
Nevertheless, as independent regulator, the Central Bank has indicated that it expects all regulated firms to take a consumer-focused approach and to act in their customers’ best interests at all times. In this regard the consumer protection framework seeks to ensure that lenders are transparent and fair in all their dealings with borrowers and that borrowers are protected from the beginning to the end of the mortgage life cycle, for example, through protections at the initial marketing/advertising stage, in assessing the affordability and suitability of the mortgage and at a time when borrowers may find themselves in financial difficulties.
The requirements put in place by the Central Bank complement the European legislative framework, including the Consumer Mortgage Credit Agreements Regulations (the ‘Mortgage Credit Regulations’).
If a consumer is not satisfied with how a regulated firm is dealing with him/her in relation to the handling of his/her mortgage, or the consumer believes that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, he/she should make a complaint directly to the regulated firm.
If the consumer is still not satisfied with the response from the regulated firm, he/she can refer the complaint to the Financial Services and Pensions Ombudsman (FSPO).
380. Deputy Michael McNamara asked the Minister for Finance how many applications have been made to the living city initiative; how many successful claimants there have been under the initiative since the scheme was commenced on 5 May 2015; and if he will make a statement on the matter. [17068/23]
View answer381. Deputy Michael McNamara asked the Minister for Finance if he will outline the range of moneys paid to successful claimants under the living city initiative to date; the average amount paid; the median sum paid under the initiative since its commencement; and if he will make a statement on the matter. [17069/23]
View answerI propose to take Questions Nos. 380 and 381 together.
The Living City Initiative (LCI) is a scheme of property tax incentives provided for in sections 372AAA to 372AAD of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within ‘Special Regeneration Areas' in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
There are three distinct types of relief available under the Initiative. These are:
- owner-occupier residential relief;
- rented residential relief; and
- commercial or retail relief.
The the LCI scheme was extended for a further five year period to 31 December 2027 in Finance Act 2022. The owner-occupier element of the relief was also enhanced in Finance Act 2022 for new entrants from 1 January 2023. Owner-occupiers may claim the relief over seven years rather than ten. Where they cannot absorb the deduction in-year, claimants will have the ability to carry forward relief up to a maximum of ten years after the expenditure is incurred.
Applications are required to be made to the relevant Local Authority. Revenue obtains information from the Local Authorities in respect to the number of applications received by them. Based on the most recent information received by Revenue, the number of total applications per eligible city since the introduction of the scheme are as follows:
|
Local Authority |
Number of applications |
|
Cork |
113 |
|
Dublin |
184 |
|
Galway |
11 |
|
Kilkenny |
17* |
|
Limerick |
54 |
|
Waterford |
76 |
*Previously 18, the local authority have informed Revenue of the withdrawal of an application.
Revenue advise that tt is not possible to break these applications down by year due to the low number of claimants and the need to protect taxpayer confidentiality. It is also not possible, with the data provided to Revenue, to break these applications down into successful and unsuccessful applications.
The Deputy will wish to note that information in relation to the overall cost of the scheme is available on the Revenue website for the years 2013 to 2020, the latest year for which fully analysed data are available, at www.revenue.ie/en/corporate/documents/statistics/tax-expenditures/property-reliefs.pdf.
The data for the scheme, to the extent that they are available, are set out below:
|
Tax Year |
Amount claimed (€m) |
Maximum tax cost* (€m) |
Number of claimants |
Average value of claim per claimant |
|
2020 |
1.1 |
0.3 |
50 |
€22,000 |
|
2019 |
1.5 |
0.5 |
60 |
€25,000 |
|
2018 |
0.5 |
0.2 |
27 |
€18,519 |
|
2017 |
0.4 |
0.2 |
23 |
€17,391 |
|
2016 |
0.5 |
0.2 |
15 |
€33,333 |
|
2015 |
0.5 |
0.2 |
13 |
€38,462 |
|
2014 |
0.2 |
0.1 |
N/A |
N/A |
|
2013 |
0.1 |
0.0 |
N/A |
N/A |
*assumed at 40% for Income Tax and 12.5% for Corporation Tax.
The estimated tax cost is based on the assumption that the marginal income tax rate of 40 per cent generally applies to income tax claimants. The actual cost is not available in the tax return data as each taxpayer’s tax liability is computed by reference to all of their taxable income(s) and any applicable allowances, credits or other reliefs. Therefore, a median sum paid is not available.
Data in relation to 2021 will be available in the second half of this year.
382. Deputy Paul Kehoe asked the Minister for Finance the status of a help-to-buy scheme application by a person (details supplied); and if he will make a statement on the matter. [17090/23]
View answerThe Help to Buy (HTB) scheme is designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home. It is a condition of the scheme that the applicant is compliant with their tax obligations and has Tax Clearance.
I am advised by Revenue that the HTB application concerned is currently pending as the Income Tax Return for 2022, which is one of the years selected on the HTB application, is outstanding for one of the applicants. In addition, the applicant is also required to have Tax Clearance.
The person concerned should make arrangements to file the outstanding return and apply for Tax Clearance online via Revenue’s MyAccount. Once the Statement of Liability for 2022 has issued and Tax Clearance has been granted the applicants may continue with their HTB application via MyAccount.
Further information on the Help to Buy Scheme can be found on Revenue’s website at: www.revenue.ie/en/property/help-to-buy-incentive/index.aspx
383. Deputy Claire Kerrane asked the Minister for Finance the steps a person can take in cases in which there is fraudulent activity on their financial account (details supplied); how money lost can be pursued; and if he will make a statement on the matter. [17106/23]
View answerIf a consumer suspects fraudulent activity on their account, they should immediately report this incident to their local Garda station as it is a criminal matter.
They should also engage with their financial service provider as early as possible to allow them to investigate the issue and try to rectify any unauthorised transactions made. Instances of fraud should also be reported to the Competition and Consumer Protection Commission (CCPC) to help prevent other people being targeted by the same activity.
Other practical steps a consumer can take to help protect themselves include:
- stopping engagement with a scammer;
- not issuing any further payments until accounts are secured;
- gathering any records relating to the fraud;
- changing passwords on electronic devices;
- updating anti-virus software
It should be noted that the Financial Services and Pensions Ombudsman (FSPO) cannot investigate instances of fraud, as this is a matter for An Garda Síochána. However, the FSPO can investigate a complaint which relates to service failings of the financial service provider in dealing with a customer who suspects fraud on their account, and any complaint about unauthorised transactions.
384. Deputy Jennifer Whitmore asked the Minister for Finance when the zero-rate for solar products will be in place; if it will be applied retrospectively to products purchased in 2023; if legislation is required to apply the rate; and if he will make a statement on the matter. [17134/23]
View answer392. Deputy Robert Troy asked the Minister for Finance if he is considering schemes to refund homeowners who have recently installed PV systems the VAT that they have paid, given they were unaware that the PV scheme would be amended and would not have known they could have waited to avail themselves of the 0% VAT rate. [17307/23]
View answer393. Deputy Darren O'Rourke asked the Minister for Finance if he will provide an update on the forthcoming introduction of a 0% VAT rate on the supply and installation of solar panels; and if this will apply to solar panels only or solar panels and batteries. [17314/23]
View answer394. Deputy Darren O'Rourke asked the Minister for Finance if he will provide an update on the forthcoming introduction of a 0% VAT rate on the supply and installation of solar panels; how it will be implemented; and if there will be a 0% VAT on invoice. [17315/23]
View answer395. Deputy Darren O'Rourke asked the Minister for Finance if he will provide an update on the forthcoming introduction of a 0% VAT rate on the supply and installation of solar panels; if he is aware of the concerns of the solar industry that installations will be postponed until the policy is rolled out; and what steps, if any, are being taken to mitigate them. [17317/23]
View answer400. Deputy Michael Healy-Rae asked the Minister for Finance his views on the VAT rate on solar panels being reduced (details supplied); and if he will make a statement on the matter. [17458/23]
View answer404. Deputy Darren O'Rourke asked the Minister for Finance if he will provide details of the announced measure to introduce a 0% VAT regime on solar panels; if the measure will be backdated to include past or ongoing projects; and if he will make a statement on the matter. [17602/23]
View answerI propose to take Questions Nos. 384, 392 to 395, inclusive, and 400 and 404 together.
The Deputies should note that the background to the introduction of a zero rate of VAT for solar panels relates to an amendment to Annex III of the VAT Directive in 2022 which added a number of new categories to which Member States can apply a zero or reduced rate of VAT. One such option is to apply a zero rate within category 10c which is for the ‘Supply and installation of solar panels on and adjacent to public and other buildings used for activities in the public interest, housing and private dwellings’.
The Department of Environment, Climate and Communications has proposed the introduction of a zero rate of VAT for supply and installation of solar panels for households and private dwellings. If passed to consumers they estimate it would reduce the average cost for such supply and installation for consumers from €9,000 to €8,000 and would support households reducing their electricity bills.
In line with this proposal, an amendment is being made at Report Stage of the Finance Bill (Cost of Living measures) to reduce the VAT rate on the supply and installation of solar panels for private dwellings to zero from 1 May 2023. This rate will remain at zero unless the Government make a decision in the future to change it.
It is important to note that there is no requirement or guarantee that a reduction in the VAT rate will be passed on to the consumer, especially given the current inflationary pressures and supply chain issues prevalent in the global economy.
Deputies should note that VAT operates in two monthly cycles which means that there are only certain dates from which this measure can commence. Under normal circumstances, therefore this zero rate measure would commence at the start of the first two month VAT period after the enactment of this legislation which would be 1 July 2023. However, I am conscious of the importance of preventing market dislocation though an extended lead in period and consequently I secured cabinet approval for the use of a Financial Resolution to bring forward the implementation date to 1 May. The zero rate of VAT for solar panels can only operate from this date forward. I have no discretion to apply this measure on a retrospective basis.
The zero rate will also apply to ancillary equipment supplied and installed with the solar panels as part of the same supply and install contract for the solar panels, such as the wiring, the controller, the combiner box, the batteries, etc.
The Revenue Commissioners are in the process of preparing guidelines concerning the tax treatment of solar panels and it is expected that these will be available on the Revenue website when this measure comes into effect.
385. Deputy Ged Nash asked the Minister for Finance what regulations and policies covers the operation of ATMs in the State; what are the requirements for these to be made accessible to disabled people; who is responsible for regulating this area; and if he will make a statement on the matter. [17140/23]
View answer386. Deputy Ged Nash asked the Minister for Finance what regulations and policies cover credit card terminals in the State; what are the requirements for these to be made accessible to disabled people; who is responsible for regulating this area; and if he will make a statement on the matter. [17141/23]
View answerI propose to take Questions Nos. 385 and 386 together.
In Ireland, the operation of Independent ATM Deployers (IADs) is currently not a regulated activity. This was highlighted in the recent publication of the Retail Banking Review which also recommended that they be authorised and supervised by the Central Bank of Ireland. Department officials are currently working on this legislation and it is expected heads of a Bill will be published by the end of 2023 which will require IADs to be authorised and supervised by the Central Bank.
It is worth noting that whilst IADs currently are not regulated by the Central Bank of Ireland, they are regarded as Professional Cash Handlers by the Central Bank. The Central Bank monitors all Professional Cash Handlers involved in the recirculation of euro banknotes for compliance with the Decision of the European Central Bank (ECB/2010/14) on the authenticity and fitness checking and recirculation of euro banknotes. Professional Cash Handlers must ensure compliance with Decision ECB/2010/14 prior to distribution of euro banknotes via ATMs, etc.
The Private Security Authority, an agency under the aegis of the Department of Justice, is responsible for regulating the security requirements for ATMs and the security arrangements around the transfer of cash to and from ATMs
With regard to the regulation of credit card terminals, I will assume the Deputy is referring to point of sale (POS) systems. The provision of the equipment used for POS systems and the use of the equipment are commercial decisions for each individual business and neither the Department of Finance or the Central Bank of Ireland would have any role in this. However, the payment transaction made using these terminals is done via payment service provider.
The second Payment Services Directive (PSD2), which was transposed into Irish law in 2018 places a number of regulations and reporting requirements on payment services providers. Such requirements include establishing a framework with appropriate mitigation measures and control mechanisms to manage the operational and security risks, relating to the payment services that it provides. Additionally, it requires payment service providers to provide the Central Bank with comprehensive assessments of operational and security risks on an annual basis. It also requires payment service providers to notify the Central Bank if and when a major security or an operational event occurs.
The Central Bank's Consumer Protection Code 2012 (the Code) applies to regulated financial service providers providing regulated activities within the State. Under the provisions of the Code the Central Bank expects that all regulated firms take a consumer-focused approach and to act in their customers’ best interests, particularly in dealings with vulnerable consumers. The Code contains a number of provisions aimed at ensuring that vulnerable people can gain access to mainstream financial services.
Provision 2.11 of the Code provides that a regulated firm must not, through its policies, procedures, or working practice, prevent access to basic financial services. This provision aims to ensure that vulnerable people can gain access to mainstream financial services.
Provision 3.1 of the Code provides that “where a regulated entity has identified that a personal consumer is a vulnerable consumer, the regulated entity must ensure that the vulnerable consumer is provided with such reasonable arrangements and/or assistance that may be necessary to facilitate him or her in his or her dealings with the regulated entity.”
All regulated firms should take a consumer-focused approach and act in their customers’ best interests, particularly in dealings with vulnerable consumers.
In addition, the European Accessibility Act (Directive (EU) 2019/882) will introduce common accessibility requirements across the EU for certain products and services. These include payment terminals (e.g. in shops or restaurants), self-service terminals including ATMs, and consumer banking services. However, this has not been transposed into Irish legislation as of yet. My colleague, Minister Roderic O’ Gorman and his Department will lead on this transposition.
387. Deputy Pádraig O'Sullivan asked the Minister for Finance if he will provide an update on the progress being made to address cancer survivors' rights (details supplied) in order to secure financial services including mortgage protection; and if he will make a statement on the matter. [17186/23]
View answerI am aware of the issue of access to financial services – in particular mortgage protection insurance – for individuals who have recovered from cancer. This is a very sensitive and important matter for many in our community.
Both Minister of State Carroll MacNeill and I have recently met with senior representatives of the insurance industry and pressed the importance of this issue to cancer survivors, and the significance that Government places on the matter. I have also met with the Irish Cancer Society and discussed the issues that cancer survivors encounter and it’s Right-to-be-Forgotten proposal.
As the Deputy may be aware, Insurance Ireland and its members have recently announced a new Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors. This is a significant step in helping to address this issue. It is important to now take the time to fully reflect on this proposal from industry, in order to ensure that it delivers the desired outcomes. Some aspects will need further clarification and development in the period ahead.
Furthermore, access to financial services for cancer survivors is also being considered at EU-level, including through ‘Europe’s Beating Cancer Plan’, which was published in 2021. Following publication of an initial exploratory study in May 2022, EU Health Commissioner Stella Kyriakides has stated that this year the Commission “will start working with businesses to develop a code of conduct, ensuring access to financial services for people who have finished their treatment, after a certain number of years”. It is understood that it is planned the Code of Conduct is to be adopted by 2024.
In addition, the inclusion of a Right-to-be-Forgotten provision is being considered as part of the ongoing EU-level negotiations on the Consumer Credit Directive. The Department of Finance is closely monitoring these developments, while considering any separate measures introduced at the national level do not conflict with a future EU Code of Conduct. Given the complex and sensitive nature of this issue, this represents the best course of action at present.
Finally, as the Deputy may be aware, under existing legislation (Section 126 of the Consumer Credit Act 1995), lenders are permitted to provide a mortgage in situations where a borrower may be unable to obtain life insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. For individuals, including those recovering from cancer, who may experience difficulties acquiring mortgage protection insurance when securing a home loan, this is an important provision to be aware of.
388. Deputy Holly Cairns asked the Minister for Finance his views on engaging with the Minister for Agriculture, Food, and the Marine to offer an individual a boat which was been decommissioned under the Brexit voluntary permanent cessation scheme as compensation relating to a High Court ruling (details supplied). [17218/23]
View answerAs the Deputy will understand, I am not in a position to comment regarding specific legal proceedings. In respect of the Deputy’s suggestion regarding offering a decommissioned vessel as compensation to any individual, the Department of Agriculture, Food and the Marine has been consulted and it has been confirmed that that the Minister does not acquire title to any vessels pursuant to the Brexit Voluntary Permanent Cessation Scheme. There would be no legal basis, therefore, for title of any such vessel to be transferred to a third party.
