Cian Carroll

So it's just about planning early.

And there are some things that you can do.

Like, it's not a case that you can completely avoid the tax situation.

Yeah, and there doesn't need to be a relationship.

So in theory, Clare, you could gift me €3,000 in any one year.

But in theory, that's how it could work, right?

So you could, in theory, like each parent could gift each child €3,000.

So there is a mechanism to effectively pass €6,000 a year worth of wealth.

to each child that you have.

And that can be a good way to pass wealth early as well.

And, you know, there's different mechanisms whether you decide to keep that in your name.

You know, you can pass that wealth into their name and place it in a trust so that they don't have access to it until they're of age and sound of mind to be able to make decisions for themselves.

So there's various different mechanisms.

That's one way of doing it.

We won't have that problem.

He can do whatever he wants.

Yeah, so in reality, yeah, exactly.

So it's entirely his money and whether he uses it for pension top up, whether it's a mortgage overpayment, that really gets into the kind of granular of that person's financial circumstances and how well funded they are in their pension, how high their mortgage interest rate is and which of the two is, you know, and so that probably requires one to one advice on that.

Yeah, you get marginal rate tax relief on the contribution.

So in theory, if over the year he puts that €3,000 into his pension, the net cost to him is 60% of that €3,000.