Latest news with #RevenueCommissioners
Irish Independent
5 days ago
- Business
- Irish Independent
Number of first-time buyers hits levels last seen during Celtic Tiger
Nearly 12,000 such mortgages were drawn down in the first half of this year, the highest number since 2007, figures from the Banking and Payments Federation Ireland show. They were valued at more than €3.7bn, a level last seen in 2006. Banks said the average home mortgage value hit a record level at almost €331,000 up to last month, nearly €28,000 higher than in the second quarter of last year. Average mortgage amounts on second-hand properties jumped by more than €29,000 to €324,688 in the four quarters to last month. The average home mortgage on new properties was almost €24,000 higher at €341,063. Switching activity jumped by 42pc in volume the first half of the year. All customer segments had grown year on year, but first-time buyers continue to dominate First-time buyers remain the single largest segment in terms of the number of mortgages drawn down in the first half of this year. Banking and Payments Federation chief executive Brian Hayes said that, overall, there had been almost €6.2bn in mortgage drawdowns in the first half of this year, up nearly 19pc on the same period last year. It is the highest value of first-half drawdowns since 2008. The total number of mortgages issued by lenders was up 10pc to 20,195. Mr Hayes said all customer segments had grown year on year, but first-time buyers continue to dominate, with 11,803 mortgages drawn down and valued at over €3.7bn. A total of 2,660 switcher mortgages were issued in the first half of the year, a rise of 42pc. The value of switcher mortgages reached €732m, the third-highest level for the first half of a year since 2008. 'This signals a normalisation of switching trends following a sharp peak in activity in 2022 and subsequent slowdown,' Mr Hayes said. New properties, including self-build, accounted for more than a third of home-purchase mortgage drawdowns in the first half of the year. The banking federation also published mortgage approval figures for June. A total of 4,883 mortgages were approved last month; 2,920 were for first-time buyers, representing 60pc of the total. Mover-buyers accounted for 992 approvals, or 20pc. Mortgages approved in June were worth €1.56bn, with first-time buyers accounting for €1bn The number of mortgages approved in June fell by 3.1pc month on month, but it rose by 9pc on the year. Mortgages approved in June were valued at €1.56bn, with first-time buyers accounting for close to €1bn. Mr Hayes said that in the first half of the year the number of first-time buyer approvals was up by 5.4pc to 15,736. This is the highest first half of a year level since the data series began in 2011. Mover-buyer approval volumes fell for the fourth year in a row to 4,990. Housing demand from first-time buyers remains strong. There were 22,903 Help to Buy applications in the first half of 2025, according to the Revenue Commissioners. This was nearly 41pc more than in the first half of last year, Mr Hayes said.
Irish Examiner
7 days ago
- Business
- Irish Examiner
Flat-rate Vat removal to cost average broiler farm €12,000 a year
Removal of flat-rate Vat may cost the average poultry broiler farmer more than €12,000 per year. The Revenue Commissioners have said overcompensation of all flat-rate farmers involved in chicken production amounted to about €7 million in 2017. Revenue considers that the yearly overcompensation is approximate to the level identified in 2017, and it continued since then. The average overcompensation is around €12,500 per year, if the 560 or so poultry breeding, hatching and rearing farms in Ireland are included. The flat-rate scheme compensates farmers, that are not Vat-registered, for the Vat incurred by them on input costs used in the course of their farming activities. This is achieved through the addition of a flat-rate percentage (currently 5.1%) to the price charged by the farmer for their supplies to Vat-registered persons (such as a meat-processing business, in the case of poultry). The flat-rate scheme also reduces farmers' administrative burden of registration and returns. The scheme is provided for under EU legislation. However, a key element is that it should not lead to farmers being overcompensated for Vat incurred by them on their business costs. Following an investigation in 2018, Revenue determined that there was a significant amount of overcompensation in the poultry sector. The matter was re-examined over the last 18 months, and it has been determined that overcompensation is still occurring. This resulted in finance minister Paschal Donohoe's recent decision to remove the sector from the scheme. From September 1, 2025, farmers in the poultry (broiler) sector will not be able to charge the flat-rate addition on the sale of their goods and services. Instead they will be required to register for Vat, if the level of their poultry broiler business is above the relevant Vat registration threshold in order to claim back Vat on their inputs (but farmers can register for Vat even if they are operating below this threshold). The Vat registration thresholds are €42,500 for services and €85,000 for goods. Minister Donohoe said he is required to have regard for the welfare of all farmers who avail of the scheme (more than 85% of Irish farmers avail of the flat-rate scheme). "As the EU Vat Directive does not permit overcompensation, failure to take this action could undermine the integrity of the scheme as a whole". I understand the concern this will cause amongst impacted farmers, and want to emphasise that every effort was made to find a resolution for our poultry sector. However, this matter has come to a head and must be addressed. "I have asked Revenue to provide the appropriate level of assistance and guidance on this matter to the affected farmers. In this regard, queries can be directed to businesstaxesregistrations@ IFA Poultry Chair Nigel Sweetnam said the decision to exclude a single sector is unprecedented. He said most broiler poultry farmers also have suckler, beef, dairy, or sheep enterprises, and this complexity will make compliance with the new Vat rules more difficult, as the farmers must separate their farm enterprises for Vat purposes. The change could possibly be the first of many in Vat for farmers. Accountants say no clear intention in Vat modernisation has been published by Revenue, but it is likely that all farmers could eventually fall into the Vat net over a number of years. Following a complaint about the poultry sector, Revenue undertook a comprehensive review in 2018 to establish if there was evidence of overcompensation. This review, provided to the minister for finance in 2019, established that there was a very significant overcompensation. Due to other factors, including Brexit and the covid-19 pandemic, this matter was not further considered until July 2023. Officials in the Department of Finance and Revenue said additional information provided by the sector indicated that while the overcompensation had reduced from the initial Revenue report, it was still quite significant. Together with the CSO, they investigated the possibility of creating a sector-specific flat-rate percentage for the poultry broiler sector. Unfortunately this was not possible, but if it is developed in the future, the sector could be reinstated within the flat-rate addition scheme. The poultry broiler sector has about 430 chicken farms, and 32 duck and 100 turkey farms and produces 170,000 tonnes of poultry meat. Read More Is it the thin end of the wedge for flat rate Vat compensation scheme?
Irish Times
21-07-2025
- Business
- Irish Times
Liquidator appointed over Killarney Brewing and Distilling
A liquidator has been appointed over Killarney Brewing and Distilling (KBD) company in another blow to the Irish drinks sector. James Anderson of Deloitte was appointed as the liquidator by the High Court on Monday. The move came after a disagreement between the Revenue Commissioners and the KBD about who would be appointed, KBD had sought for Mr Anderson, who was already the existing examiner for the business to be appointed as the liquidator over the company in a High Court hearing on Friday. On Friday, barrister Sally O'Neill, for the Revenue Commissioners, disputed the appointment of the existing examiner, petitioning the court to appoint Myles Kirby of Kirby Healy Chartered Accountants as the examiner instead. READ MORE A decision on the case had been postponed until Monday by Mr Justice Michael Quinn after Revenue opposed the company's choice of liquidator. Ms O'Neill had argued that Revenue should be heard in the decision as to who would be appointed as the liquidator, pointing to precedent set during the liquidation of Star Elm Frames Ltd. Taking a period for deliberation, Mr Justice Michael Quinn said Star Elms was a 'very helpful case but a very different case' and noted some differences between the two situations. He noted the significance of Revenue's debt, which he said stood at €1.3 million and accounted for as much as 90 per cent of the debt in some of the companies, the fact they are acting for the public good, and that they were the only unsecured creditor to have become involved in the process. Mr Justice Quinn said the rest of the companies' debts stood above €22 million. He said it was 'quite common' for examiners to be appointed as liquidators, noting that such appointments 'should not be presumed' but said there are 'efficiencies' in doing so in large cases. Mr Justice Quinn said he recognised there were 'efficiencies' in this case in Mr Anderson continuing his involvement, and appointed the company's preferred choice of liquidator. The business has been under examinership since mid-April but did not secure the investment necessary to keep the business afloat in time. The distillery's staff were told that operations would cease on Thursday in advance of the hearing. Founded by local businessmen Tim O'Donoghue and Paul Sheahan in 2013, the parent company of the group has not filed accounts since 2023. In its most recent filings with the Companies Registration Office, the company reported a turnover of more than €2 million for 2022. The business lost €1.61 million in 2022 and had accumulated losses of €4.15 million.
Irish Times
18-07-2025
- Business
- Irish Times
Killarney Brewing company and Revenue in dispute over appointment of liquidator
Killarney Brewing and Distilling has sought the appointment of a liquidator over the business in a High Court hearing on Friday. A decision on the case has been postponed until Monday by Justice Michael Quinn amid a dispute between the company and the Revenue Commissioners around who should be appointed as the liquidator. The distillery's staff were told that operations would cease on Thursday ahead of the hearing. The business was has been under examinership since mid-April but did not secure the investment necessary to keep the business afloat in time. Representing the company, Barrister Declan Murphy petitioned the court to appoint the existing examiner, Deloitte's James Anderson, as the liquidator over the company. READ MORE He told the court that Killarney Brewing and Distilling and its seven constituent entities had 'no alternative' other than liquidation and that the directors believed the time had come to bring the life of the business 'to an end'. Mr Murphy said it was a 'sad day' for the investors, directors, workers and the broader community in Killarney, Coounty Kerry, and that the company was 'very grateful' to the examiner for the services thus far. The court heard that the examiner, Mr Anderson was willing to be appointed as liquidator over the company. [ Killarney Brewing and Distilling staff told operations to cease Opens in new window ] Barrister Sally O'Neill, for the Revenue Commissioners, said she represented the largest unsecured creditor once discounting inter-party debts. She said Revenue was owed, across the seven petitioning companies, 'more than €1 million". She disputed the appointment of the existing examiner, petitioning the court to appoint Myles Kirby of Kirby Healy Chartered Accountants as the examiner instead. Ms O'Neill argued that Revenue should be heard in the decision as to who would be appointed as the liquidator, pointing to precedent set during the liquidation of Star Elm Frames Ltd. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 Mr Murphy said he was 'taken by surprise' by the stance of the Revenue Commissioners over the appointment. The court heard that Revenue only held a small part of the overall debts in the group of companies. . Mr Murphy said he did not believe 'this particular tail should wag the dog' and said Revenue's interpretation of the Star Elm case was a 'misconception' of the case and was 'wrongfully applied'. Ms O'Neill argued that once accounting for inter-party loans and the secured debtors, Revenue accounted for a significant portion of the companies' debts. She said the petitioners were putting the views of the creditors secondary to the views of the company. [ 'Asset rich' Killarney Brewing seeks court protection from creditors Opens in new window ] Justice Quinn said that Revenue held a large portion of the debts in two of the companies - which were involved in construction. He said he had anticipated making a decision on the matter during the hearing but, after hearing the arguments would delay a decision to Monday, The court protection over the company has been extended until Monday when Justice Quinn is expected to rule on the case. Should the examinership be unsuccessful, it is understood that Bailmo Limited, the sole secured lender which holds debts in excess of €3 million, will place a receiver over its security, the Killarney Brewing and Distilling property in Fossa. Bailmo was neutral on who would be appointed as liquidator. Founded by local businessmen Tim O'Donoghue and Paul Sheahan in 2013, the parent company of the group has not filed accounts since 2023. In its more recent filings with the Companies Registration Office, the company reported a turnover of more than €2 million for 2022. The business lost €1.61 million in 2022 and had accumulated losses of €4.15 million.
Agriland
16-07-2025
- Business
- Agriland
CSO: Increase in house prices across country in year to May 2025
The lowest median price for housing in Ireland in the 12 months to May 2025 was in Co. Leitrim, according to the latest data on house prices from the Residential Property Price Index (RPPI) published by the Central Statistics Office (CSO). Overall, the RPPI increased by 7.9% in the 12 months to May 2025, up from 7.6% in the year to April 2025. Property prices in Dublin rose by 6.9% and prices outside Dublin were up by 8.7% compared with May 2024. The median price of a dwelling purchased in the 12 months to May 2025 was €370,000. The highest median price for a dwelling in the 12 months to May 2025 was €670,000 in Dún Laoghaire-Rathdown, while the lowest median price was €186,000 in Co. Leitrim. In May 2025, 3,824 dwelling purchases by households were filed with the Revenue Commissioners at a total value of €1.6 billion. These purchases were made up of 2,913 existing dwellings and 911 new dwellings. Revenue data shows there were 1,388 first-time buyer purchases in May 2025. Commenting on the release, statistician with CSO Ireland, Niall Corkery said: 'Residential property prices rose by 7.9% in the 12 months to May 2025, up from 7.6% in the year to April 2025. 'In Dublin, residential property prices saw an increase of 6.9%, while property prices outside Dublin were 8.7% higher in May 2025 when compared with a year earlier.' 'In the 12 months to May 2025, house prices in Dublin rose by 6.8% while apartment prices increased by 7.2%,' Corkey added. According to the CSO, the highest house price growth in Dublin was in Fingal at 9.3% while Dún Laoghaire-Rathdown saw a rise of 5.1%. Outside Dublin, house prices were up by 8.9% and apartment prices rose by 6.7%. The region outside of Dublin that saw the largest growth in house prices was the border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 11.1%, while at the other end of the scale, the south-east (Carlow, Kilkenny, Waterford, and Wexford) saw a 7.7% rise. Median house prices Households paid a median or mid-point price of €370,000 for a residential property in the 12 months to May 2025. The most expensive Eircode area over the 12 months to May 2025 was A94 'Blackrock' with a median price of €770,000, while F45 'Castlerea', Co. Roscommon had the least expensive price of €150,000.
