Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Pensioners - Wrong information from Revenue Commissioners .

  • 06-01-2012 11:22pm
    #1
    Registered Users, Registered Users 2 Posts: 6,892 ✭✭✭


    Declan Rigney from the Revenue Commissioners said individuals aged over 65 earning more than €18,000 a year - or a couple in receipt of over €36,000 - were liable.
    source - RTE : http://www.rte.ie/news/2012/0106/tax.html

    This statement is not necessarily true .

    The RC are suggesting that it is more beneficial for individuals over 65 to opt for ' tax exemption ' and pay tax at the marginal rate of 40%. ( as above )

    However , an individual over 65 with private pension normally pays tax under paye and therefore should qualify for :
    1. Personal tax credit 1650.00
    2. PAYE tax credit 1650.00
    3. Aged tax credit 490.00
    This will give the individual a tax credit of 18950.00 plus tax rate of 20%


Comments

  • Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    source - RTE : http://www.rte.ie/news/2012/0106/tax.html

    This statement is not necessarily true .

    The RC are suggesting that it is more beneficial for individuals over 65 to opt for ' tax exemption ' and pay tax at the marginal rate of 40%. ( as above )

    However , an individual over 65 with private pension normally pays tax under paye and therefore should qualify for :
    1. Personal tax credit 1650.00
    2. PAYE tax credit 1650.00
    3. Aged tax credit 490.00
    This will give the individual a tax credit of 18950.00 plus tax rate of 20%

    The age credit isn't that much for a single person. It's 245. 490 applies of married, and one spouse is claiming both credits


Advertisement