Key Post What options are there for people to reduce their tax these days?

There are very few options open to reduce taxes. It has been argued several times on this site that our system is equitable. Whilst I agree with the sentiment pay your taxes and obey the law, but when the take of any taxation system takes that means having to pay more than 50% on any portion of income is counterproductive in the long term. It is a disincentive to get ahead, has people thinking up ways to re-balance the "unfairness" and does see the exit of some high self starting high potential earners to more favourable personal tax locations. Many tech jobs in particular can be carried out anywhere in the world.
 
orka said:
What's wrong with a person's residence country being compliant and/or having tax treaties and what would you need a dodgy bank for? There's nothing wrong with taking up residence in a new country and falling under that country's tax regime rather than Ireland's. You seem to be assuming that this thread is how to evade tax which isn't the case.
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Yes nothing wrong with taking up non residence I did not object . I do object to paying tax on a relatively small amount of savings at 41% when in the UK its only 20%. There should be less tax for small savers not a penal tax for those that save.
When you are nearing retirement age and will only have a state pension this tax bites harder.
 
JoeRoberts said:
Deed of Covenant to parent over 65: (41-20) = 21% and possible 20% refund for recipient.
Subject to 5% restriction of total income after charges.[/QUOTE
Brendan Burgess said:
For someone who does not have any legacy tax reliefs who has a high income, what can they do to reduce their tax bill.

Take a really high paye earner on €300k a year.


Maximum pension contribution: €46,000 (40% of €115,000)

€30k if he invests the €150k max in an Employment and Incentive Scheme
€32k if he pays €80k for his mother's nursing home fees
€21k if he invests the maximum €50k in a film.
€1k if he pays €7,000 in tuition fees
€4,100 if he pays €10,000 in permanent health insurance premiums

What else is there?

He can donate to charity, but the charity gets the benefit.


Brendan
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an anyone advise what the Film benefit is? And if there's a risk to the 50K investment, how does that work? I assume the idea is that you get the 50K back on the basis of a successful film?

So is the 21K basically a tax refund which is sizeable depending on the risk?

Has anyone lost the 50K, which is in reality 29K?

Thanks for the advice
Eoin
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