Login

THe Sunday Times - Money Questions 26/04/09

Posted by Jill Kerby on April 26 2009 @ 21:55

 

JD writes from Dublin: In relation to the government guarantee on savings in banks, building societies and credit unions, will this guarantee stand if the country is bankrupt?  If the guarantee would not stand, do you think it would be sensible to move savings into property now?  

 

 

 

GT writes from Dublin: I really enjoy your column, I was hoping that you might at some stage do a practical feature (figures!) on how to calculate one's net income from gross income dealing with calculating tax deductions, insurance relief, income levies, health levies, tax credits, PRSI contributions. I find calculating one's PRSI contributions a mine field, the income levy and pension levy are fairly straight forward whatever about the pension/superannuation rates one has to make. If not do you have any book published or any book you would recommend that sets out in figures how to determine one's net income. It would be nice to be able to understand one's payslip. Hope you can help.

 

 

 

JM writes from Kildare: I am interested in trying my hand at direct share investments and want to learn about the tax issues relating to the sale of shares as I am a PAYE worker and therefore never had to submit tax returns before. Do most investors use tax advisors/accountants for dealing with CGT/dividends etc and do they give advice? I have looked at the CGT booklet from revenue and the CGT return forms but cannot really understand them. Would the accountant usually charge a percentage or a set feeand would this wipe out your profit? I understand the first €1,270 is exempt of tax but the form is quite complex in terms of inflation/indexation relief & also if shares are bought via a rights/bonus issue etc, further rules apply. CGT appears to become even more complex when you buy more shares of the same stock, but at different times and in different amounts. Assuming I only sold a certain amount of those shares, at different times, how are all these factors considered in the calculation of CGT? Finally, assuming dividends are paid out every so often, how is the income tax handled in this regard? Do I just record total dividends once each year and submit all together or submit returns each time? How do I make tax returns for dividends?

 

 

 

 

JD writes from Dublin: In relation to the government guarantee on savings in banks, building societies and credit unions, will this guarantee stand if the country is bankrupt?  If the guarantee would not stand, do you think it would be sensible to move savings into property now?  

 

 

 

 

 

TO writes from Dublin:  My husband is well over 80 and qualifies for the medical card on income grounds. As I am now over 70 he was told that I also qualify.  The form I must fill in requires not only details of our savings, but evidence and there is no way my husband will write down the numbers of our An Post savings certificates or our post office book. Surely asking for details and evidence of our savings is breaching the bounds of decency? 

Last October’s budget changed the rules by which the medical card is now issued, but the fact that your husband is still receiving the card, and was not required to produce any further statement of income, suggests that the HSE is satisfied that he continued to qualify for the free medical card after the October changes. (In fact the majority of over 70s continued to receive the card.)  The request for income details from you, not that you are over 70, sounds to me like a formality, unless, of course you have separate income to your husband that would push you both over the qualifying income limit of €1,400 per week for a married couple. The HSE has said it will take a sympathetic view of pensioners with existing cards and question marks over their continuing qualification.  Why don’t you contact your local Citizen’s Information Centre and discuss your concerns with them?  They should be able to allay your fears about having to fill out this form. 

 

0 comment(s)

Leave a comment
 

Subscribe to Blog