Financial Services, Pensions, Retirement, State pension, Taxation Services | Tagged

State Pension (Contributory) Update

There are two different State Pensions systems, namely the Social Insurance system and the Social Assistance system. The Social Insurance system provides pension benefits based on an individual’s PRSI record over their lifetime whereas the Social Assistance system provides means tested pension benefits. Herein we are going to look at the State Pension (Contributory) which […]

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Offshore disclosure deadline extended to next Thursday

The Offshore disclosure deadline has been extended until next Thursday 4th May at 5:30 p.m.  The Revenue Commissioners issued a press release today to announce the extension to the deadline and are encouraging anyone affected to avail of this extension to a full disclosure of their offshore interests. If you have any queries with regards to […]

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Professional Sportspeople and Pensions

Professional sportspeople may a have relatively short working life (as sportspeople) but with high earnings. The pensions system recognizes the special characteristics of such individuals. Taxable earnings Professional sports people resident in the State will likely be taxable on their sport’s earnings either under Schedule D (as a profession) or Schedule E (as an employee), […]

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Revenue letter to taxpayers on offshore assets

Revenue letter to taxpayers on offshore assets Revenue has recently written to thousands of self – assessed tax payers who filed income tax returns for 2015 to invite them to review their tax affairs and consider whether they need to make a disclosure to Revenue and pay over any underpaid tax, interest and penalties.  They […]

Financial Services, Pensions, PRSA, RAC, Retirement

Finance Bill 2016: Changes to PRSAs and RACs held past the age of 75

Finance Bill 2016: Changes to Personal Retirement Savings Accounts (PRSAs) and Retirement Annuity Contracts (RACs) held past the age of 75 The Finance Bill 2016 introduced changes in the way PRSAs and RACs (i.e. Personal Pension Plans) will be treated where a person passes, or has already passed their 75th birthday. Unvested PRSAs and RACs […]

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Capital Acquisitions Tax changes in Finance Act 2016 – what do they mean for you?

Capital Acquisitions Tax changes in Finance Act 2016 – what do they mean for you? The 2016 Finance Act was passed into law on Christmas Day. The three tax-free thresholds that apply to gifts and inheritances were increased in the last Budget and are enacted in Section 53 of the Act. The increased thresholds apply […]

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Please find below our Budget 2017 summary, which details changes that may impact you.

Budget 2017 Summary   The Minister for Finance and the Minster for Public Expenditure and Reform delivered the Budget 2017 on 11 October 2016, first budget under the minority Government, against what is arguably the most favorable economic and fiscal backdrop in a number of years. Notwithstanding this fact, it is also true to say […]