Companies exploiting pensions loophole introduced in Finance Act 2022

Gordon Gekko said:
Pretty easily. Via avenues such as the ‘wholly and exclusively’ test. To use your example, secretaries or payroll administrators don’t get €2m employer pension contributions.
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Why shouldn't a spouse get a massive salary for doing a mundane job? Surely it's up to the company boss to decide that. Take someone like Gail K, married to Sean D. She advised him, pivotally, on how much to bet on buying Waldron.
 
Bronte said:
Why shouldn't a spouse get a massive salary for doing a mundane job? Surely it's up to the company boss to decide that. Take someone like Gail K, married to Sean D. She advised him, pivotally, on how much to bet on buying Waldron.
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If it is tax evasion, the Revenue will come down on you. You have to do bona fides work and be paid a realistic wage.

Otherwise everyone will be at it. I hire my kids for summer jobs and pay them €42,000 each for the summer and when they are 18, I start ploughing hundreds of thousands into their PRSAs, so their pensions will be near maxed out by the time they reach retirement.

Gail and Sean spent years fighting the Revenue over the taxes that they owed...
 
Bill90. said:
And idea what changes they will likely make to this in the upcoming budget?.
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1. The government will raise tax bands but not in line with wage increases so its effectively an increase in taxation but they call it out as helping those working.
2. The greens will bring in an incentive for people to self recycle their toilet paper (why does everyone not use both sides of a sheet).
3. The marginal rate of tax for the rich (those earning over a paltry €100K) will be increased from 52.1% to 52.2%
4. Social welfare will go up by 4% to award those choosing not to work and to keep the voting pensioners happy.
5. ......
 
Flybytheseat said:
1. The government will raise tax bands but not in line with wage increases so its effectively an increase in taxation but they call it out as helping those working.
2. The greens will bring in an incentive for people to self recycle their toilet paper (why does everyone not use both sides of a sheet).
3. The marginal rate of tax for the rich (those earning over a paltry €100K) will be increased from 52.1% to 52.2%
4. Social welfare will go up by 4% to award those choosing not to work and to keep the voting pensioners happy.
5. ......
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Sorry I should have been more specific. I was referring to the company pension contributions.
 
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