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section 781 of the tax code

vanman99 · 2015-10-06 10:11:57

Anyone read this article in the Irish Times - http://www.irishtimes.com/news/consumer/disposable-income-how-to-spend-less-and-have-more-overspent-series-1.2376368 within it, Karl Deeter states - "If you have a private pension but are not paying into it up to the maximum allowable, you may be able to use any shortfall to…

06-10-2015 10:11am

#1

vanman99

Registered Users, Registered Users 2 Posts: 183 ✭✭

Join Date: July 2008

Posts: 128

Anyone read this article in the Irish Times -

http://www.irishtimes.com/news/consumer/disposable-income-how-to-spend-less-and-have-more-overspent-series-1.2376368

within it, Karl Deeter states - "If you have a private pension but are not paying into it up to the maximum allowable, you may be able to use any shortfall to cover the cost of a life assurance policy under section 781 of the tax code. It amazes me that more people don’t use this provision."

Anyone know what this is and how it works?

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Comments

#2 30-10-2015 2:13pm

MortgageBroker

Registered Users, Registered Users 2 Posts: 60 ✭✭

Join Date: February 2008

Posts: 56

The quote was slightly off, it's section 785 of the taxes consolidation act 1997 which covers it. In terms of how it works, effectively it's like taking out a pension but you can do it where it only provides life cover. In setting it up this way you get tax relief

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