Budget 2011

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A brief look at the major points from the Budget
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A brief look at the major points from the Budget

The Minister for Finance, Brian Lenihan announced his 4th budget yesterday.  It was predicted beforehand that it was going to be a tough budget and it lived up to its expectations.
 
Very few people will escape the consequences of this budget, from workers, to people on social welfare to savers and investors.
 
Here are a couple of major points concerning the Life and Pensions industry:
 

  • The pension relief employees had on PRSI and Health Levies is being scrapped.
  • Approved Minimum Retirement Funds - new minimum amount of €120,000 or €18,000 in pension income.
  • The imputed distribution on Approved Retirement Funds is being increased from 3% to 5%.
  • Exit tax on investments is being increased to 30% and DIRT is being increased to 27%.

 
You may download a more detailed document from the Revenue Commissioners outlining the major points in yesterday's budget.