How the Irish Finance Bill 2024 Impacts your Wealth Management

Everlake: Insightful Wealth Management Advice

The Irish Finance Bill for this year (2024) has included a number of recommendations in the lead up to the election.

In this episode, Marc Westlake delves into the key changes and implications of the Bill. He explores how the recent budget adjustments affect financial planning specifically in Ireland, highlighting significant updates such as the increase in the standard fund threshold and the nuanced impacts on pension contributions.

He also discusses the implications for business owners and senior executives, changes to inheritance tax rules, and potential future adjustments in the taxation of investment funds and stock options. This episode provides crucial insights for navigating Ireland's updated financial landscape and emphasizes the importance of tailored financial advice.

Topics Covered:

Changes in the Standard Fund Threshold:

• Incremental increases from 2026 onwards
• Implications on pension lump sum taxation

Pension Funding Strategies:

• Advice on continuing pension contributions near the standard fund threshold
• Differences between PRSA and occupational schemes for senior executives and business owners

Inheritance Tax Adjustments:

• Increased parent-to-child allowance
• Utilization of intra-family loans for tax efficiency

Potential Future Developments:

• Department of Finance's ongoing reviews on stock options taxation and investment funds taxation

Implications for Financial Planning:

• Emphasis on the necessity of personalized, timely financial planning
• Overview of the challenges introduced by the Finance Bill 2024 for high-income clients

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