Chapter 7 page 138
Please note that the charts in relation to the Universal Social Charge (USC) have been switched. The chart for the people under 70 should be;
Universal Social Charge (UCS)
From 1st January 2011 |
| The income below €4,004 | 0% |
| Income up to €10,036 per annum | 2% |
| Income between €10,037 and €16,016 per annum | 4% |
| Income over €16,016 | 7% |
If you are over 70 years old you are liable to the USC as follows;
Universal Social Charge (UCS)
From 1st January 2011 |
| Total income below €4,004 | 0% |
| The first €10,036 per annum | 2% |
| The remaining income per annum | 4% |
Chapter 14 - Pensions - savings for retirement
Page 270
the last paragraph before "Flexible retirement options" should read as follows;
"When you mature your retirement savings arrangement you will have the option of taking a lump sum benefit, the first EUR200,000 of which is tax-free. The excess over EUR200,000 up to EUR575,000 is taxed at 20%, with sums in excess of EUR575,000 taxed at your marginal rate. The maximum lump sum you can take will depend on the type of arrangement(s) you have in place. (See later in this chapter)."
"The overall limit on lump sum benefits is 25% of the SFT limit described above - i.e. EUR575,000 from 7 December 2010 - provided the individual qualifies to take this amount under the rules/legislation relating to his pension arrangement, the first EUR200,000 of which is tax-free and the excess over €200,000 up to €575,000 is taxed at 20%. Any lump sum(s) taken in excess of this is taxed at the marginal rate as income. Those with a PFT are entitled to take 25% of their PFT as a lump sum benefit, but amounts in excess of €575,000 are taxed at the marginal rate on the excess."