This week we are finally getting round to a topic that has been on 'the list' for quite a while. One of the main benefits of pensions that 'the industry' of financial services harks on about a lot is the tax relief that is available on contributions, and that is certainly true. Having said that what is not true is that pensions are the only tax effective vehicle in which to invest in this fine country of ours, there is also (among a handful of others) the Employment and Investment Incentive Scheme as declared by the Revenue. This is the artist formerly known as Business Expansion Scheme (BES)!
We will now share the ins-and-outs of this scheme, the pros & cons and hopefully a few examples which will show how an investor (with a lump sum) might aim to reduce his or her income tax bill by investing in such a thing. Like night becomes day the rules around this Scheme can change in future but they are a reflection of things as they stand today!
As is customary I would like to welcome you to Ireland's only dedicated and straight-talking Financial Planning blog & podcast! We are on a mission to change how financial advice is done in Ireland and to help people help themselves to make decisions which will benefit them in the future. Love to hear from readers and listeners so drop me a mail here with any ideas, suggestions or questions you have and I'll be sure to reply post-haste!
Oh, regular readers might recall that we won Best Finance Blog in Ireland last year, we are short-listed again this year and the awards are on 25th October......it might be a case of 'difficult 2nd album' but sure we'll see how we go......It's not about winning it's about taking part and all that!