THOUSANDS of pensioners will escape a new tax on their savings, the Irish Independent can reveal. Finance Minister Michael Noonan is exempting those aged over 66 from a new plan to impose pay-related social insurance (PRSI) on the interest earned on savings, shares and rents. […]
Minister for Justice Alan Shatter has warned banks that if they do not co-operate with the new personal insolvency scheme he would bring in new legislation to ensure their compliance. The Personal Insolvency Bill, a fundamental reform of the State’s antiquated bankruptcy laws, passed all stages in the Oireachtas last night and will be enacted before the end of the year. […]
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HOUSEHOLDERS have been warned that they have just two weeks to claim tax refunds. “You should make a claim for any medical expenses, tuition fees, service charges, incurred in 2008 before December 31.” […]
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Savers and investors – especially high net worth individuals – are likely to start moving money from cash holdings and direct investments into pension funds and other tax-efficient structures following changes announced in last week’s budget, according to financial advisers. Higher taxes on interest income and capital gains – plus clarity on how the pensions regime will operate in the coming years – have created greater incentives for investors to favour retirement schemes, where contributions and capital gains are tax-free, over other investment vehicles, especially in light of historically low yields on deposits and fixed income products. […]
Real returns on cash deposits increased last month as consumer prices continued to fall in Ireland, increasing the spread between interest rates and inflation. The consumer price index fell to a two-year low of 0.8 per cent in November – a 0.4 percentage point drop from the month before – meaning deposits earned more in real terms during the month as the value of money eroded at a slower pace. […]
SWITCHED-ON female drivers are countering moves to hike their insurance costs. New rules in force next week ban insurers charging for insurance based on gender. The change will mean hikes of 24pc in the cost of motor cover for a 25-year-old woman, according to AA Ireland. […]
THE decision to give people early access to pensions has been criticised, as they will have to pay full tax on this money. This despite the fact that contributions will already have had PRSI and the pensions levy paid on them, pensions expert Aidan McLoughlin said. […]
THE cost of income protection insurance for self-employed men is set to jump by 50pc from the end of this month, experts have warned. This is due to new EU rules, banning insurers from pricing policies on the basis of a person’s sex. Now it has emerged that men will pay more for income protection insurance, which is also known as permanent health cover. And women are set to pay less. […]