Page 207 - Guerin Media Ltd | Active Retirement Ireland Members Annual 2016
P. 207
ALLOWANCES & ENTITLEMENTS BE INFORMED
TAX CREDITS
Income tax applies to almost all income. People aged
65 and over are subject to the same general tax rules
as everyone else but they do get tax exemption limits
below which they pay no tax and some extra tax
credits. People aged 60 and over can claim additional
tax relief for health insurance.
Annual exemption limits for people aged 65
and over
Status 2014
Single or widowed or €18,000
surviving civil partner
Married or in a civil €36,000
partnership
First two children €575 each
Subsequent children €830 each
If you expect that your income for the year will be
less than these limits, you should contact Revenue
and they will issue a revised determination of tax
credits to you. If your income is not much above these
amounts, you may get what is called “marginal relief”.
That means that you do not go back into the normal
tax system - instead you pay tax at a rate of 40%
on the amount by which your income exceeds your
relevant exemption.
The point at which marginal relief ceases to be of
benefit varies with your family circumstances and the
tax credits to which you are entitled.
Retirement Planning Council of Ireland
The RPC was established in 1974 as a not-for-profit organisation. We are the
leading supplier of support, information and guidance to people planning
for retirement. The RPC provides a range of group and one-to-one courses
to help people manage the transition from full-time work to full-time
retirement.
Our courses are designed to:
• Deal with the aspects of change that happen in retirement
• Help dispel the myths around retirement
• Build self-esteem in managing the transition into retirement
• Address financial issues and concerns that may arise in retirement
• Increase awareness of health issues that arise in retirement
• Help with managing the identity and relationship changes in retirement
We hold weekly courses in Dublin and monthly regional courses.
For further information, check our website at www.rpc.ie
www.activeirl.ie Active Retirement Ireland 207
TAX CREDITS
Income tax applies to almost all income. People aged
65 and over are subject to the same general tax rules
as everyone else but they do get tax exemption limits
below which they pay no tax and some extra tax
credits. People aged 60 and over can claim additional
tax relief for health insurance.
Annual exemption limits for people aged 65
and over
Status 2014
Single or widowed or €18,000
surviving civil partner
Married or in a civil €36,000
partnership
First two children €575 each
Subsequent children €830 each
If you expect that your income for the year will be
less than these limits, you should contact Revenue
and they will issue a revised determination of tax
credits to you. If your income is not much above these
amounts, you may get what is called “marginal relief”.
That means that you do not go back into the normal
tax system - instead you pay tax at a rate of 40%
on the amount by which your income exceeds your
relevant exemption.
The point at which marginal relief ceases to be of
benefit varies with your family circumstances and the
tax credits to which you are entitled.
Retirement Planning Council of Ireland
The RPC was established in 1974 as a not-for-profit organisation. We are the
leading supplier of support, information and guidance to people planning
for retirement. The RPC provides a range of group and one-to-one courses
to help people manage the transition from full-time work to full-time
retirement.
Our courses are designed to:
• Deal with the aspects of change that happen in retirement
• Help dispel the myths around retirement
• Build self-esteem in managing the transition into retirement
• Address financial issues and concerns that may arise in retirement
• Increase awareness of health issues that arise in retirement
• Help with managing the identity and relationship changes in retirement
We hold weekly courses in Dublin and monthly regional courses.
For further information, check our website at www.rpc.ie
www.activeirl.ie Active Retirement Ireland 207
