L
Yes, you're missing the income tax you pay on the annuity you buy with (most of) your pension fund when you retire
Yes he will have to pay tax on any income over the thresholds, and no it is not double taxation - he has not been taxed on the income put into the pension fund in the first place.okay. Thanks for the replies. As the guy is making a singular lump sum payment in Nov 07, could this obtain PRSI relief?
As an aside, when this guy retires at 65 with his pension he will be required to pay tax on the monthly cash flows that he receives.Is this not double taxation?
Kind regards,
Paul
Yes he will have to pay tax on any income over the thresholds, and no it is not double taxation - he has not been taxed on the income put into the pension fund in the first place.
However he would be entitled to extract a lump sum tax free on retirement (with the rest going to purchase an annuity), but I'm not sure what the limit is on this (there is definitely a limit)
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