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  1. O

    Is an ARF part of estate for inheritance tax threshold?

    I understand from various websites that an ARF left to adult children is taxed at 30% income tax. Is this independent of the 335K inheritance tax threshold? e.g. if there is one adult child and the ARF is 150K and the rest of the estate is another 150K, is the full 300K completely tax free...
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    Hotel will not refund

    Normally it shouldn't. But at the moment the advice is to stay at home and self-isolate if you are over 70. OP, I'd say there's a good chance the hotel will be forced to close before May and through May so hang tight and they may cancel. And as you say, you might as well hang on to the...
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    Is Rubella or the Flu more dangerous than the Coronavirus?

    That's apples and orange: % of reported vs. % infected. A lot of covid19-infected people are not reported as they have mild symptoms and/or because some countries may be under-reporting the infected but it's less easy to under-report deaths. The UK's chief medical officer (who I find very...
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    IRL domiciled, working for US based company

    Was discussed previously here: Working remotely for a US company
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    Holidays booked to countries now affected with coronavirus.

    A case has been confirmed in Tenerife (Adeje) - an Italian tourist tested positive according to Sky News.
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    State Pension 67 in 2021, 68 in 2028

    Does look odd alright - particularly as EK is a bit older than COC. It could be that they are showing his retiring TD's annual pension but the capital amount is for everything including his ex-Taoiseach pension (which I think would be in excess of 100K p.a.) EK's pension will be permanently...
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    Pension pot. How long last ?

    If you are taking 6% of the pot each year it will last indefinitely but your withdrawal will reduce over time (i.e. even if your fund is down to 1,000, your 6% is only €60 so the fund lives on...). If you mean take 6% of the 150,000 (which is 9,000) at the end of each year and the fund grows at...
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    Pension plan for non-resident

    Conall, the main issue for you investing in a pension in Ireland is that you would get no tax relief when the funds go in but you will be taxed when you draw down the funds in retirement (assuming you are then back living and tax-resident in Ireland). So you're basically storing away your...
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    Working remotely for a US company

    What happens if the US company just says 'nope, not an Irish employer, not registering' - and just sends the employee/contractor their monthly payment? Does the employee have to net off employer's PRSI as well as their own tax/PRSI? It doesn't seem as if Revenue have much power to compel a...
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    WHats the strategy in calling an election for BJ?

    And what if the border poll votes to stay in the UK (and lord knows electorates worldwide have proven in recent years that they can vote against what was expected...)? Backstop expires. All cards in UK court. And even if the border polls is yes to a united Ireland, this still hands all the...
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    WHats the strategy in calling an election for BJ?

    I agree that seems to be his plan but I really don't understand this thinking from them. 'Leaving with no deal' is a waypoint, not a destination. After they triumphantly (hmmm...) leave with 'no deal', they then need to sort out their future relationship with their biggest customer and...
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    WHats the strategy in calling an election for BJ?

    He could then go with the NI-only backstop that the EU originally offered. It's supported by a majority in the North and gives NI the best of both worlds - it really is an excellent deal for them. It could have been sold that way from the start (NI already has some regulatory differences...
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    Pension query defined benefit scheme and state benefit

    It might be worth checking the scheme rules on the state pension reduction. It doesn't sound like you are getting a full 40 years worth of DB pension and usually the state pension offset is pro-rated to your service and benefit. For example, on a salary of 60K, if the DB scheme provides for...
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    Tax residence status

    I think Revenue's general approach is to assume someone is telling the truth. The consequences are severe if there's an audit/investigation and someone is caught in a lie so I really don't think many would risk it. In the extreme, they could probably get access to flight records and/or airport...
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    Is a pension worth it if you're on the lower tax rate?

    This is true if the person is expected to be on the 20% rate throughout their working life. Someone in their 20s/30s on a career path that will take them to the higher rate would be ill-advised to contribute until they are on that higher rate. Getting 20% relief and then having to pay 40% + USC...
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    Defined Benefit Pensions and BIK

    If a DB scheme is essentially a promise to provide benefits. the employer doesn't necessarily have to actually contribute to the scheme if an increased promise is made (if the scheme is otherwise adequately funded), do they? For example, say a 55 year old with 30 years service on a salary of...
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    Commuting to UK for work. Bank account for salary ?

    I'm amazed that Transferwise would be unsure if this could be done - it's one of their main functions. TW has a borderless account that will give you UK bank details that your employer can lodge your salary to. You can then convert to euros at excellent rates and very low commission and send...
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    Possible move from private to public sector - worth it?

    The contributory pension offset is also pro-rated to service so the 20 year pension on your numbers would be (35000-12600)*20/40=11,200 and not (35000*20/40)-12600=4,900.
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    Loan from partner - is it tax exempt?

    The OP said there would be interest (which should indeed be below the 3K annual gift limit) - so the partner would have to declare the interest income and pay income tax on it wouldn't they?
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    Case study Watch the State Pension trap with Investment Accounts

    Ah but it does though really... €500 for an extra year of accrual is an absolute steal - both for the passive income earner in this example and, in fairness, for e.g. a low-earning self-employed person paying the minimum €500 pa. The state pension is generally agreed to be worth 300k-350K if...
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