How the Irish Finance Bill 2024 Impacts your Wealth Management

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 onwardsImplications on pension lump sum taxationPension Funding Strategies:Advice on continuing pension contributions near the standard fund thresholdDifferences between PRSA and occupational schemes for senior executives and business ownersInheritance Tax Adjustments:Increased parent-to-child allowanceUtilization of intra-family loans for tax efficiencyPotential Future Developments:Department of Finance's ongoing reviews on stock options taxation and investment funds taxationImplications for Financial Planning:Emphasis on the necessity of personalized, timely financial planningOverview of the challenges introduced by the Finance Bill 2024 for high-income clients---Thanks so much for listening to this episode of the Everlake podcast!If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation. If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.LinkedIn || YouTube || X (Twitter)This podcast is intended for information and educational purposes only and does not represent a specific recommendation or advice for an individual to follow. Speak to your financial adviser, in the context of your own personal circumstances, prior to making any financial or investment decisions.This podcast uses the following third-party services for analysis: OP3 - https://op3.dev/privacy

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