Property tax amended in Bill

Minister for Finance Michael Noonan has published the Finance Bill, which gives effect to the measures announced in December’s budget.

These include changes to the universal social charge for those aged 70 and over on incomes of more than €60,000; an increase in the tax on savings; and the taxation of maternity benefits.

A second Bill, dealing with the property tax, was also published. According to the Minister this Bill contains a “small number of changes” to reflect the debate on the matter in the Dáil.

Among the changes is a measure to discount any increase in value to homes that followed the the addition of an extension or other works to help residents with disabilities.

Another new measure included in the main Finance Bill is the closure of a loophole that allowed employees in multinational corporations to be transferred to Ireland for short periods to finish their career and receive “golden handshakes” almost tax-free.

An increase to the health insurance levy is also being introduced.

The Bill also provides for a ‘living cities’ pilot scheme for Waterford and Limerick to regenerate the areas, aimed at both residential and business properties.

Minister for Arts, Heritage and the Gaeltacht Jimmmy Deenihan welcomed the introduction of the Living City initiative.

"I fully support the idea of the development of a scheme for urban historic areas on a pilot basis," he said. "In my view the proposed pilot has the potential to assist the State, both at central and at local government levels, in its responsibility to protect the nation's architectural heritage and to encourage sustainable development and re-use of our urban historic core areas."

Mr Noonan said the Bill also gave effect to a number of measures designed support small and medium businesses. These measures were announced in the budget.

“While we have seen significant progress since Budget day on a number of key issues, there is no doubt that the SME sector will be the driver of the economic recovery across the country,” Mr Noonan said.

“This Government is committed to supporting this key sector and each of the measures included in Finance Bill 2013 are designed to help this critical sector to trade, to grow into new products and markets, to sustain existing and to create new jobs.”