New pension rules have caught company directors on the hop. What are they and how do they work?

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PRSA ข่าว

Employer

The Finance Bill tightens rules on open-ended employer contributions to PRSAs

PRSA funding changes incentivised company owners/directors to fund their pensions when funds allowed, but it did lead to some 'aggressive tax planning'. Photograph: iStock

With employees still bound by the upper earnings limit for tax relief – €115,000 a year – the big benefit was for business owners, who were able to use the change to substantially boost their pension funding, gaining tax relief in the process. One example cited was a director of a company, who employed one of his children on the minimum wage, and then created a PRSA and funded it with €1 million. Or a wife could be hired on a salary of €5,000 and her pension bumped up.

It is undoubtedly a sharp reduction on the benefit that was previously in place but, as Delaney notes, it is still “very attractive” compared with what an employee is entitled to.

เราได้สรุปข่าวนี้มาให้อ่านอย่างรวดเร็ว หากสนใจข่าว สามารถอ่านฉบับเต็มได้ที่นี่ อ่านเพิ่มเติม:

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