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Informed Decisions Independent Financial Planning & Money PodcastAuthor: Paddy Delaney (Parent, Educator, Qualified Planner & Executive Coach)
Take control of your financial future by joining us on Ireland's Independent & award-winning Investment & Retirement Planning Podcast, with Paddy Delaney (QFA RPA APA). Join Paddy & guests as they cut through the noise, nonsense and smoke-n-mirrors of financial services in Ireland. We want you to avoid costly mistakes and to make informed financial decisions in your investments and retirement planning. Paddy Delaney QFA RPA APA Language: en Genres: Business, Education, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Saving & Gifting to Kids in Ireland? Doing it Wrong Costs Thousands in Tax
Monday, 9 June, 2025
In this week's episode, I explore crucial financial planning lessons for Irish families, highlighting examples where small oversights led to significant tax bills. Discover how one family's misunderstanding of Ireland's Dwelling House Exemption resulted in an unexpected €77,000 tax liability, and how another family's mismanagement of the Small Gift Exemption cost them over €65,000. Learn essential strategies for gifting, saving, and inheritance planning, and understand why precise adherence to tax regulations, supported by expert advice, is key to safeguarding your family's financial legacy. Good intentions aren’t enough - strict compliance with Irish tax law is essential. Document and complete transactions properly - incomplete paperwork can lead to significant taxes. The Small Gift Exemption (€3,000 annually) must involve actual yearly transfers - accumulating gifts without documentation won't satisfy Revenue. Seek professional financial and legal advice early to avoid costly errors in wealth transfer and inheritance planning. Understand clearly defined tax exemptions like the Dwelling House Exemption - missing even one condition can result in major unexpected taxes. Hope it helps! Disclaimer
