As you are aware, an annual self-assessed Local Property Tax (LPT) charged on the market value of all residential properties in the State will come into effect from 1 July 2013. In order to implement this Revenue have issued notifications of LPT estimates and LPT returns to all property owners.

If by now you have not received a LPT notification:

In April we saw the official launch of the Insolvency Service of Ireland which included the new website www.isi.gov.ie

The ISI will help restore people who are insolvent to solvency in a fair, transparent and equitable way using one of three mechanisms.

Summary of mechanisms:

We are very conscious that affordability and the consumer’s ability to pay are at the forefront of people’s minds in the current economic climate. That’s why we here at Quintas Wealth Management urge our clients to constantly review their policies to seek out competitive premiums in this very challenging and uncertain market. We seek to provide the best possible service and range of options to suit all our customers at the most competitive and sustainable price.

Recent events in Cyprus have raised concerns over the safety of larger bank deposits in other vulnerable Eurozone countries. When a customer deposits money with a bank they are assuming the bank will lend its money wisely and the economy will be strong enough for bank loans to be repaid. Banks are at risk if loans are not repaid or if customers want to withdraw their deposits faster than the bank can turn its assets into cash. Historically, bank failures and the resulting losses to depositors were a recurring problem. In the United States during 1930, over 1,000 banks failed with losses to depositors. To restore confidence in the banking system the Federal Deposit Insurance Corporation was created which gave depositors insurance which guarantees the safety of their deposits, up to a certain threshold. Similar schemes now exist in most developed countries including Ireland. 

While it may be a number of years down the road, you should not overlook the value of paying your yearly contributions to ensure that you qualify for your Old Age Contributory State Pension.

The State Pension (Contributory) is paid to people from the age of 66 who have enough Irish social insurance contributions. It is not means-tested and you can have other income and still get a State Pension (Contributory). This pension is taxable but you are unlikely to pay tax if it is your only income.

To qualify for a State Pension (Contributory) you must be aged 66 or over and have enough Class A, E, F,G, H, N or S social insurance contributions.

You need to:

1. Have paid social insurance contributions before a certain age
2. Have a certain number of social insurance contributions paid and
3. Have a certain average number over the years since you first started to pay