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Things that caught my interest!

Every day I, like everyone, am bombarded by different news and messages from all directions – websites, email, social media, podcasts even the good old newspapers and radio. A cursory glance or read of the headlines is usually enough but sometimes something stands out and I keep the piece to read through properly. Here are 3 that piqued my interest over the past few weeks.

  1. Global HappinessA Map of Global Happiness by Country (

Happiness is when a person is feeling content and fulfilled. Being happy can have a hugely positive impact on other aspects of life and those around you. The Gallup World Poll asks respondents in each country to rate their current life on a scale from 0-10. Ireland is ranked 17th out of 143 countries!

A map of the world, color-coded by the average happiness level in each country.

2. Retirement from a high powered jobThe Challenges of Retiring from a High-Powered Job (

After a long and successful corporate careers few are prepared for the journey they are about to embark on when retirement comes. Here’s some sound advice for any senior executives approaching this stage.


3. World StockmarketsThe World’s Biggest Stock Markets, by Country (

A great visual of the worlds’ biggest Stock Markets by country, based on methodology from the S&P Global Broad Market Index (BMI). The “Magnificent Seven” have also been included as a point of reference.Graphic illustrating the biggest stock markets by country

Inheritance tax planning for you and your family

They say that the two guarantees in life are death and taxes but what many people overlook are the actual tax implications that arise when they eventually die. This is where understanding inheritance tax is critical.

Capital Acquisitions Tax

The current tax laws will allow a child receive a gift or inheritance from a parent of up to €335,000 in their lifetime. Any amount above that is charged Capital Acquisition Tax at 33%.

This tax bill can a significant issue for the recipient, particularly if the asset they are inheriting is illiquid, like a property or business.

This threshold was as high as €540,000 back in 2008 but since then successive governments have been tightening the net while at the same time increasing the tax rate. As a result people are finding themselves in receipt a significant tax bill.

 C.A.T. Example
Value of Asset  € 1,000,000
Less Tax-Free Threshold -€ 335,000
Taxable Balance  € 665,000
Tax Bill for the Receiver € 219,450


More and more of my clients are enquiring about this lately and by far the most effective way to minimise an inheritance tax bill is to use the proceeds of a life assurance policy.

Section 72 Life Assurance

A Section 72 Life Assurance Whole of Life policy can be set up by the person gifting the asset so that on death the life cover is used to reduce or eliminate the tax bill of the person in receipt of the inheritance.

By effecting this type of policy the person in receipt of the asset can avoid a scenario of being forced in to selling the property or business at potentially below market value.

Section 72 policies are usually set up by a husband and wife on a “dual life, second death” basis but can also be written on a single life basis.

The following table shows indicative pricing and the breakeven point for cover of €1,000,000.

Both Aged Annual Premium Breakeven Point
55 €                      15,400 65 Years
65 €                      27,740 36 Years
70 €                      39,460 25 Years

If you need to assess your estate planning needs or would like further information on how to tax efficiently manage your assets contact Coleman Financial Planning today on (01) 5313711.