Tax and accountancy issues of today
A pensioner must have a guaranteed annual pension income for life to avoid having to set up a AMRF. This ties up funds until they are 75 years of age. The level of guaranteed annual income needed at present is €12,700. State pension from 30th March 2018 is €12,651 This leaves a shortfall for those … Read more Pension Manual updated by Revenue
State Pension (Contributory) will be calculated differently from 31st March 2018. New Total Contributions Approach (TCA) for state pensions TCA means that a persons total social insurance contributions paid rather than when paid are taken into account when assessing heir entitlement to a state pension. State pension and HomeCaring credit A new HomeCaring Credit will … Read more CHANGES TO STATE PENSION (CONTRIBUTORY ) RULES
Once an individual becomes eligible for the State Pension (Contributory) they may apply for an adult dependant increase for a spouse or civil partner. To be eligible for the adult dependant increase your spouse or partner cannot have: gross weekly income of more than €310 a week. If their income is less than €100 a … Read more STATE PENSION (CONTRIBUTORY) – ADULT DEPENDANT MEANS TEST
How to distribute your assets after death is a very personal decision. However it is important to keep tax issues in mind before making a final decision. The beneficiary will pay Capital Acquisitions Tax (CAT) at 33%(2015 rate) on any inheritance over the tax free threshold The tax free thresholds for CAT are: Group A: … Read more FINANCIAL CONSIDERATIONS WHEN MAKING YOUR WILL
A child has a lifetime tax free threshold of €225,000 (as at 2015) in respect of gifts and inheritances taken from their parents. In addition the first €3,000 of gifts to a child in any year is exempt from CAT under the annual small gifts exemption. Section 82(2) of the Capital Acquisitions Tax Consolidation … Read more AMENDMENTS TO CAPITAL ACQUISITIONS TAX TREATMENT OF RECEIPTS TO CHILDREN FROM THEIR PARENTS