Hi Folks,
I've been reading in the Irish Independant about plans to limit the size of pensions that people can build up for tax relief purposes to €60,000 a year.
There has also been mention of a 70% super tax that applies to workers who have pensions greater than €60000 per annum.
Example: I can't post URLs but if you google Irish Independant and 70% tax band you'll find examples.
My questions are:
i) How will this actually work. I.e. Is it something that could be administrated by payroll or would it controlled by the pension fund provider?
ii) is the 70% super tax a new third tax band for pensioners on a pension of > 60,000? i.e. For some one on Pension of 70000 they would pay PAYE of 70% once they go above this. It seems v high if so as you'll also have USC on top of this.
Really I'm asking where can i find more detail on this change? I've found the finance bills here for example: (can't post linked but on oireachtas website)
Is there anything that better explains this change?
Thanks
Darren
I've been reading in the Irish Independant about plans to limit the size of pensions that people can build up for tax relief purposes to €60,000 a year.
There has also been mention of a 70% super tax that applies to workers who have pensions greater than €60000 per annum.
Example: I can't post URLs but if you google Irish Independant and 70% tax band you'll find examples.
My questions are:
i) How will this actually work. I.e. Is it something that could be administrated by payroll or would it controlled by the pension fund provider?
ii) is the 70% super tax a new third tax band for pensioners on a pension of > 60,000? i.e. For some one on Pension of 70000 they would pay PAYE of 70% once they go above this. It seems v high if so as you'll also have USC on top of this.
Really I'm asking where can i find more detail on this change? I've found the finance bills here for example: (can't post linked but on oireachtas website)
Is there anything that better explains this change?
Thanks
Darren
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