Incapacitated parent over 65, does 5% covenant restriction apply?

[johnfenit]

hello,

I want to covenant approx 10% of my income to my mother who is medically certfied as incapacitated. When I look at Revenue.ie guidelines, it's not clear to me whether 5% restriction for tax relief applies or not?

thanks

John

 

[Gordon Gekko]

hello,

I want to covenant approx 10% of my income to my mother who is medically certfied as incapacitated. When I look at Revenue.ie guidelines, it's not clear to me whether 5% restriction for tax relief applies or not?

thanks

John

The 5% restriction will not apply.

 

[johnfenit]

Many thanks Gordon