Probe ordered into super-rich tax relief pensions

gar32

Probe ordered into super-rich tax relief pensions

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THE Government has agreed to investigate the cost to the taxpayer of an "outrageous" pension scheme for the super-rich.

Around 6,500 people are in the scheme, which gives them 41pc tax relief when building a pension fund of up to €5.4m.

Some who entered the scheme before it was restricted in 2006 are believed to have pension pots of up to €100m.

Yesterday, Department of Finance secretary general David Doyle admitted he had no idea how much this was costing the taxpayer in annual tax relief.

"We will ask our colleagues in the Revenue to undertake a sample survey," he said.

It comes a month after the Revenue declined to carry out such an investigation, saying it wanted to prioritise its efforts on suspected tax evasion.

If each of the wealthy individuals benefiting from the scheme put in the maximum of €5.4m, it would add up to €32.5bn.
Probe ordered into super-rich pensions - National News, Frontpage - Independent.ie

As you can see above FF have no idea how much this costing the tax payer it is likely costing hundreds of millions and who is getting hit the hardest i wonder ?
But Department of Finance secretary general David Doyle admitted he had no idea how much this was costing the taxpayer in annual tax relief either so what else does he not know about .........
In my opinion he does not know a whole lot seeing as it is his dept that supplies the minister with the figures that are nearly always wrong

meglome

gar32 wrote: »

Probe ordered into super-rich tax relief pensions

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THE Government has agreed to investigate the cost to the taxpayer of an "outrageous" pension scheme for the super-rich.

Around 6,500 people are in the scheme, which gives them 41pc tax relief when building a pension fund of up to €5.4m.

Some who entered the scheme before it was restricted in 2006 are believed to have pension pots of up to €100m.

Yesterday, Department of Finance secretary general David Doyle admitted he had no idea how much this was costing the taxpayer in annual tax relief.

"We will ask our colleagues in the Revenue to undertake a sample survey," he said.

It comes a month after the Revenue declined to carry out such an investigation, saying it wanted to prioritise its efforts on suspected tax evasion.

If each of the wealthy individuals benefiting from the scheme put in the maximum of €5.4m, it would add up to €32.5bn.
Probe ordered into super-rich pensions - National News, Frontpage - Independent.ie

As you can see above FF have no idea how much this costing the tax payer it is likely costing hundreds of millions and who is getting hit the hardest i wonder ?
But Department of Finance secretary general David Doyle admitted he had no idea how much this was costing the taxpayer in annual tax relief either so what else does he not know about .........
In my opinion he does not know a whole lot seeing as it is his dept that supplies the minister with the figures that are nearly always wrong

You have no idea who pays the majority of the taxes do you?

P. Breathnach

meglome wrote: »

You have no idea who pays the majority of the taxes do you?

That's hardly a good argument to bring against tax avoidance schemes that are exploited by the very wealthy.

Tipp Man

meglome wrote: »

You have no idea who pays the majority of the taxes do you?

Do you have a breakdown of the amount wealthy (above a certain income level) contribute to tax relative to the rest??

I know what your saying is correct, i''m just interested in the numbers. Thanks

lmimmfn

great how all this desperation for cash is all coming out now, WTF happened in the past 10 years? oh yea FF

Dannyboy83

Another probe eh?

We've got more probes than a fcuking Jenna Jameson movie, but we never get a money shot.

Dannyboy83

Besides, its a bit like looking for loose change down the back of the sofa while using €500 notes to wipe your ass.

Cut the PS wages already. knob jockeys.

Diarmuid

I agree with a few of the above posters but I'd put it more diplomatically.

We have a major hole in our finance and the only way this can be solved is either 1. major cuts or 2. major tax hikes.

Clearly these pension relief schemes need to be investigated but I feel many on the left see these as the solution to our finances. They are not. The idea that there billions there for that taking is naieve. Out of fairness these loopholes should be closed but the sums involved is small change and are distractions from the real debate.

We can do a repeat of the 80s and tax ourselves to another lost decade or realise that some major cuts are needed and get on with the job.

Hydrosylator

meglome wrote: »

You have no idea who pays the majority of the taxes do you?

Well the revenue are going to investigate this, and I think they might know who's paying taxes.

NewDubliner

Diarmuid wrote: »

We have a major hole in our finance and the only way this can be solved is either 1. major cuts or 2. major tax hikes.

3: Don't do NAMA.

BroomBurner

Diarmuid wrote: »

I agree with a few of the above posters but I'd put it more diplomatically.

We have a major hole in our finance and the only way this can be solved is either 1. major cuts or 2. major tax hikes.

Clearly these pension relief schemes need to be investigated but I feel many on the left see these as the solution to our finances. They are not. The idea that there billions there for that taking is naieve. Out of fairness these loopholes should be closed but the sums involved is small change and are distractions from the real debate.

We can do a repeat of the 80s and tax ourselves to another lost decade or realise that some major cuts are needed and get on with the job.

We need a mix of both. Before they start making huge cuts, it's time to get their own house in order. That means saving as much as possible, where possible BEFORE you look at the other, more obvious ways.

pearcider

Dannyboy83 wrote: »

Another probe eh?

We've got more probes than a fcuking Jenna Jameson movie, but we never get a money shot.

The Bogus non Resident Investigation has brought in a cool one billion (and counting). The Revenue recover 500m or so per year from tax evaders in their day to day investigations - it will be MUCH more this year = last count was running at 190m per quarter! The Investigation into Offshore Trusts which is about to enter a new phase will be the biggest one yet. Rich people will always abuse the system as the figures for the pensions tax relief shows. The tax relief laws were never meant to allow rich people to amass multi million euro pensions and yet that is exactly what happened!! If we're to have any hope of implementing cuts on the average joe, we have to hammer these millionaires and scrap their tax breaks. It's not often discussed since the wealthy are disgusted by having to pay tax but the fact is tax evasion and avoidance on a global scale is the principal cause of poverty and underdevelopment in the world. Total aid dished out to developing countries annually is around 100 billion. Total tax evasion is estimated at 1.1-1.6 trillion. :eek: Of course, you never hear about this in the media or on the agenda of world leaders. It's a gigantic fukcing gravy train!

jimmycrackcorm

NewDubliner wrote: »

3: Don't do NAMA.

Always a "No to Nama" and yet never a "Hers the alternative..."