Revenue fears pension funds flight to Britain
l Legislation change there could encourage outflow of capital and abuse of Ireland’s pension tax reliefs
The Revenue Commissioners have concerns that significant sums of pension capital could flow to Britain after a shift in legislation there, according to confidential documents.
Briefing notes prepared for new Revenue chairman Niall Cody, and obtained by The Sunday Business Post under Freedom of Information legislation, reveal the tax authority’s ongoing concern about the potential flight of pension capital abroad, and potential abuses of the tax relief given to those saving for retirement.
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Tom Maguire: Tax changes we make now could help business for years
The way we did business a few months ago may never return – so the opportunity is to make changes that will both aid recovery and set us up well for our new futures