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Over 70s exemption

Gael23 · 2014-10-08 17:19:50

I know if you are a single person over 70 you can have an income of €18,000 and €36,000 for a couple. But if you have more than that is your entire income subject to income tax or just the portion over the threshold?

08-10-2014 5:19pm

#1

Gael23

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I know if you are a single person over 70 you can have an income of €18,000 and €36,000 for a couple. But if you have more than that is your entire income subject to income tax or just the portion over the threshold?

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#2 09-10-2014 9:33am

SRASE

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Relief you mention is for individuals over 65. If the income is above the limit the full amount becomes taxable.

There is marginal relief so that any tax bill will not exceed 40% of the amout the threshold is exceeded by. So for a married couple with €37,000 income the maximum tax bill would be €1,000 * 40% = €400

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