Recent changes in the Finance Act December 2022 now mean a PRSA Pension is the better way to structure your Pension so that your Spouse inherits your Pension Tax Free in the event of your untimely death. Currently most Company Directors have Executive Pension Schemes. In the event of your untimely death Executive Pension Schemes in most cases pay a lump sum to a spouse of no greater than 4 times your salary from the pension, with the balance assessable …
New Pension Rules for Company Directors are a GAME CHANGER for Business Owners.
Very favourable and attractive new Company Pension Rules were signed into law on 15th of December 2022 for PRSA’s. We have been liaising with industry representatives to verify the implications of these new rules. We are happy to say these new rules will have a very positive impact for Company Directors and their spouses. (PRSA means Personal Retirement Savings Account). These new changes now mean: Your company can transfer more money in any single year into a PRSA pension than …
Budget 2018 Update – Main points
Standard rate income tax band increased by €750 for 2018, giving a tax saving in 2018 of €150 for higher rate taxpayers. Earned income tax credit for the self-employed and proprietary directors increased by €200 to €1,150 for 2018. The lower USC bands and tax rates will be reduced in 2018. The maximum saving for higher earners is €178 pa. DIRT rate reduced to 37% in 2018 but no change announced in the exit tax rate of 41%. All State …