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Income Covenant to person over 65

December 8, 2014

An income covenant is basically a legal promise to pay another person a set amount per year

If, for example, you enter an income covenant to pay €1,000 a year to a person over 65 years old or a person who is incapacitated

you can claim €1,000 as a deduction against your total income therefore possible saving €410 euros if paying at the higher rate

The above relief is subject to conditions and also whether the person you are paying is liable to tax in their own right

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About Us

Oliver Niland is a Chartered Accountant and a Tax Specialist with over 15 years experience of helping small business with tax issues and accounting challenges.

In addition, Oliver advises small businesses in terms of growing their business.

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Contact us at:

Phone:   (091) 763817

Email:    oliver@taxreturnhelp.ie

Unit 8,  Royal Rock Park,

Ballybane Industrial Estate,

Galway.

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Contact Us

Oliver Niland & Co – Chartered Accountant
Unit 8, Royal Rock Park,
Ballybane Industrial Estate,
Galway.

Telephone:  (091)  763817
Mobile:  (087) 984 6979
Email:  oliver@taxreturnhelp.ie 

(Right across from Thomas McDonagh’s hardware store and directly behind the Royal Rock Café )