The review found that 17 cases involved payments of at least €500,000 and that the numbers involved appeared to be rising. Photograph: iStockA Revenue review of a pension loophole found some businesses were transferring more than €500,000 per year into funds for the owner, their spouse, their children or parents. The review found that 17 of these cases involved payments of at least €500,000 and that the numbers involved appeared to be rising. READ MOREThe Revenue review also found that for 13 of the transfers the person who benefited had only taken up employment that year. It said in cases involving payments of more than €1 million, there was blatant evidence of “salary sacrifice” to maximise pension contributions and avoid tax.

Source: The Irish Times January 06, 2025 17:02 UTC