{"id":13151,"date":"2019-12-05T13:14:05","date_gmt":"2019-12-05T11:14:05","guid":{"rendered":"https:\/\/seoblog.taxback.com\/?p=13151"},"modified":"2019-12-05T13:19:46","modified_gmt":"2019-12-05T11:19:46","slug":"what-tax-reliefs-can-you-avail-of-in-ireland-once-you-turn-65","status":"publish","type":"post","link":"https:\/\/www.taxback.com\/blog\/what-tax-reliefs-can-you-avail-of-in-ireland-once-you-turn-65\/","title":{"rendered":"What reliefs can Irish over 65s claim to reduce their tax bill?"},"content":{"rendered":"

Getting older in Ireland doesn\u2019t just mean gaining wisdom\u2014it also brings financial benefits! Whether it’s tax exemption limits, Age Tax Credits, or relief on nursing home fees, there are many ways to save. Here\u2019s a quick guide to help you navigate these opportunities and make your golden years financially brighter.<\/p>\n\n

Why Ireland is not a bad place to get older<\/h2>\n

With age, they say, comes wisdom and confidence. Growing older in Ireland also comes with some financial benefits, as there are tax savings to be made.<\/p>\n

In this blog, we will take a look at some examples.<\/p>\n

Tax exemption limits<\/h2>\n

Once you reach the age of 65, you start to pay less tax on your income and you are entitled to more social welfare benefits. Tax exemption limits are income thresholds below which no tax is payable.<\/p>\n

The threshold for a single person aged 65 is\u00a0\u20ac18,000<\/strong>\u00a0and\u00a0\u20ac36,000<\/strong>\u00a0for a married couple. If you earn less than that amount your earnings will not be subject to any income tax.<\/p>\n

If your earnings exceed the relevant minimum exemption, you may be entitled to what is called \u201cmarginal relief\u201d and you will pay tax at a rate of 40% on the excess amount.<\/p>\n

Nowadays, it\u2019s even more common for people to have children at a later age. The tax-free limits increase by \u20ac575 if you have children. If you have more than two, the amount goes up to \u20ac830 for any subsequent children.<\/p>\n

 <\/p>\n

Age Tax Credit<\/h2>\n

The Age Tax Credit can be claimed if you or your spouse or civil partner are over the age of 65.<\/p>\n

The relief can be claimed in addition to the personal tax credit. The Age Tax Credit for single individuals is amounted to \u20ac245 and for married people it\u2019s worth \u20ac490.<\/p>\n

 <\/p>\n

USC & PRSI<\/h2>\n

When you turn 66, you will no longer be charged\u00a0PRSI<\/strong>\u00a0(Pay Related Social Insurance contributions). However, it\u2019s likely that you will still have to pay Universal Social Charge (USC<\/strong>). This is a tax you pay on your gross income.<\/p>\n

In some particular cases, you may pay reduced USC or not pay at all, depending on your situation. The USC\u00a0<\/strong>kicks in once you earn \u20ac13,000 or more. Standard\u00a0USC<\/strong>\u00a0rates are between 0.5% and 8%, but when you turn 70, you will pay\u00a0USC<\/strong>\u00a0at 0.5% on the first \u20ac12,012 and 2% on the balance.<\/p>\n

 <\/p>\n

Relief on health expenses<\/h2>\n

Every taxpayer in Ireland is entitled to claim relief on health and non-routine dental expenses.<\/p>\n

However, relief can also be claimed if you pay for the cost of employing a carer to look after your spouse, yourself or a family member due to physical infirmity.<\/p>\n

Note<\/strong>:<\/strong>\u00a0You cannot claim a tax relief if the carer is employed as a housekeeper.
\n\"Nursing<\/p>\n

Nursing Home Tax Relief<\/h2>\n

You can claim tax relief if you pay nursing home fees either for yourself or for another individual, whether you are in the nursing home yourself or you are paying for another person.<\/p>\n

You can claim this relief at your highest rate of tax (20% or 40%) if the nursing home provides 24-hour on-site nursing care.<\/p>\n

 <\/p>\n

Covenants<\/h2>\n

A Deed of Covenant is a legal document in which one person agrees to make periodic payments of income to another person.<\/p>\n

The person making the payment must deduct tax at 20% from the total payment and at the same time his or her gross income is reduced by the gross amount of the covenant.<\/p>\n

The person who receives the payment is taxed on the gross amount of the covenant. However, if the tax withheld is less than the covenantee\u2019s annual tax credits, he or she will be entitled to a refund of the tax withheld.<\/p>\n

 <\/p>\n

DIRT tax relief<\/h2>\n

Relief from Deposit Interest Retention Tax\u00a0(DIRT)<\/strong>\u00a0is available for married couples if either spouse is aged 65 or over (or is permanently incapacitated).<\/p>\n

Single individuals with income below \u20ac18,000 and married couples with a joint income of \u20ac36,000 or less won\u2019t be subject to\u00a0DIRT.<\/strong><\/p>\n

You will need to complete certain forms to claim a\u00a0DIRT-free<\/strong>\u00a0account and send it to your financial institution. At the end of the year you can also claim a refund of\u00a0DIRT<\/strong>.<\/p>\n

Get Your Irish Tax Refund Now!<\/a><\/p>\n

Avail of every tax relief<\/h2>\n

Unsure of your tax entitlements? Why not contact\u00a0Taxback<\/a>!\u00a0Our friendly tax team will ensure you avail of every relief you are entitled to and transfer your money straight to your bank account.<\/p>\n

Our average Irish PAYE tax refund is \u20ac1,880 so it\u2019s definitely worth investigating what you\u2019re owed.<\/p>\n","protected":false},"excerpt":{"rendered":"Discover how growing older in Ireland comes with financial perks! From tax exemption limits to relief on health expenses, learn how to make the most of the tax benefits available to you.\n","protected":false},"author":388,"featured_media":13162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[368,361],"tags":[],"class_list":{"0":"post-13151","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tax-tips-ireland","8":"category-tax-tips"},"acf":[],"yoast_head":"\nTax Reliefs in Ireland When You Turn 65<\/title>\n<meta name=\"description\" content=\"In this article, we will discuss some of the tax reliefs Irish people can avail of once they turn 65!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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