Dominic Coyle

Dominic Coyle

Deputy Business Editor

Dominic Coyle is Deputy Business Editor at The Irish Times

Many people who are waiting to join a pension autoenrolment scheme and every year lost in building up savings will mean less to pay out in retirement.
Is pension autoenrolment happening at all?

Q&A: People are waiting to decide what they should do about pension savings

The basic rule on capital gains is that you pay tax on the difference between the purchase price and the sale price, in your case about €180,000
Reliefs can knock large sum off capital gains tax bill on selling property

Q&A: Gifting rented property to children will not provide a solution on tax grounds

The property in question requires extensive renovations as it has been unoccupied for 10 years.
Helping my son and his wife renovate their home?

How you allocate any money you are gifting can be important

Rising rents and surging house prices have triggered a “collapse” in home ownership rates among adults of prime working age
House price rises to ease; Clerys new retail look; and Ireland’s newest unicorn

Business Today: the best news, analysis and comment from The Irish Times business desk

Used car prices have jumped 56 per cent on average over the last two years, according to a report by online marketplace Donedeal.
Salaries to surge; mortgage lending record; and €500m return on property investment

Business Today: the best news, analysis and comment from The Irish Times business desk

What are the tax rules on bringing money back into Ireland?

Q&A: What rules apply when I inherit from abroad or sell a foreign property?

‘My ex-partner is threatening a solicitor’s letter if I don’t remove his name on our mortgage. Can he actually force a sale?’ Photograph: iStock
Ex-partner wants house sold years after he stopped paying mortgage

Q&A: Time may work to your advantage but you need legal advice

Galway cancer therapy start-up ONK Therapeutics has raised another €19 million as it continues efforts to develop technology that enhances natural killer cells in the body’s immune system to target cancers.
Galway cancer killer cell group ONK raises €19m

Company’s technology edits immune system cells in bid to cure cancers

Plans to develop the Cobblestone Pub in Smithfield have been scaled back after Dublin City Council turned the original proposal down. Photograph: Bryan O Brien
‘Green nuclear’ row; Cobblestone compromise; and avoiding a credit bubble

Business Today: the best news, analysis and comment from The Irish Times business desk

Banks may be lending more to homebuyers, but there are fewer houses available than ever, new reports have found. Photograph: iStock
Gloomy outlook for homebuyers; hard hit aviation sector; and Bowie estate strikes gold

Business Today: the best news, analysis and comment from The Irish Times business desk

Pizza group Domino’s saw profits jump by 19 per cent at its largest Irish franchise. Photograph: Jason Alden/Bloomberg
Domino’s pizza franchise reports big jump in profit

Shorecal says Covid-19 pandemic is holding back trading as it reports profit of €10.5m

Sensible cryptocurrency investors have probably contented themselves with dipping a toe in the water. Photograph: Chris Ratcliffe/Bloomberg
Cryptocurrencies and tax: what do I have to pay and when?

Q&A: It’s been a boom year for crypto but investors need to be wary of swings and limited regulation

The HSE and GP practices need to help ensure that older patients are not deprived of support to which they are fully entitled. Photograph: iStock
Medical card taken away due to notional HSE interest on savings

Q&A: Elderly couple not aware they can ask HSE to use actual interest rates in assessment

Paschal Donohoe, Minister for Finance, has suggested companies that claimed taxpayer-funded wage subsidies should return the cash if they “didn’t need it as much as they thought they did”. Photograph: Nick Bradshaw
Call to repay Covid subsidies; motorists losing out; and selling holidays on the weather

Business Today: the best news, analysis and comment from The Irish Times business desk

Covid supports and offshore dividends, flying vertical, and Blackrock College lands plan

Business Today: the best news, analysis and comment from The Irish Times business desk

Disability allowance is available to those unable to work because of a long-term injury, disease or some physical or mental disability. Photograph: iStock
Brother on disability allowance fears financial cost of inheritance

Q&A: Means test for savings is more generous for those claiming disability

When your son turns 26, he will not longer be able to avail of the exemption against his tax-free inheritance limit on parently support for fees or accommodation.
Funding my adult son as he returns to college

Q&A: Families are constrained on parental support over the age of 25

Data Protection Commissioner Helen Dixon. Photograph: Cyril Byrne
Fuelling gas power; DPC attacks critics; and Ireland needs FDI for more than corporate tax

Business Today: the best news, analysis and comment from The Irish Times business desk

Weaker online sales this year are likely to renew the drive to encourage Irish consumers to shop locally between now and Christmas. Photograph: iStock
Irish firms took 70%-plus of Black Friday trade, Revolut finds

Fintech reports foreign websites accounted for 94% of books and women’s clothes

Geoff Martha: We are a tech company and tech talent is in high demand and they want to work for a company that offers them not just a career but that stands for something
‘We ended up writing off a lot of money but no one regrets it’

With everyone looking for ventilators as Covid hit, Medtronic tore up the corporate playbook

Kingspan branding on the nose of Lewis Hamilton’s Mercedes. Photograph: Lars Baron/Getty
Mercedes and Kingspan shelve Formula 1 sponsorship after Grenfell backlash

Racing team criticised over deal by survivors of London fire and UK politicians

Kingspan branding on the nose of Lewis Hamilton’s Mercedes on the grid before the F1 Grand Prix of Saudi Arabia at Jeddah. Photograph: Lars Baron/Getty Images
Mercedes and Kingspan shelve Formula 1 sponsorship

Racing team came under attack from Grenfell Tower survivors and UK politicians over deal

Photograph: iStock
Ibec presses for State subsidies; power price league; and Paschal Donohoe interview

Business Today: the best news, analysis and comment from The Irish Times business desk

I want to gift my dad approximately €10,000 to say thank you for putting me through my education
Will giving my dad money as a thank you leave him with a tax bill?

Q&A: Windfall will give parent on a pension some financial wriggle room

What do I do with €300,000 I have from the sale of my house while I am waiting to buy again, which could be a year or more from now?
How can I keep substantial savings secure?

Q&A: House sale will yield profit of €300,000 but what should I do with it?

Derek Young, founder and CEO of i360 Medical, who has died this week. Photograph: Dara Mac Donaill
i360 Medical founder Derek Young dies

Engineer built international one-stop shop for medtech research and development

Taoiseach Micheál Martin presenting the Ireland-US Council for Commerce and Industry 2021 Global Achievement Award to Geoff Martha(centre), chief executive of Medtronic, with Tom Higgins, president of the council. The award marked Medtronic’s role in the Covid-19 pandemic for a ramping-up of its ventilator prediction in Galway at the height of the global crisis. Photograph: Maxwell
Medtronic chief honoured for firm’s efforts during pandemic

US medical device giant’s Galway plant scrambled to meet demand for ventilators

Production of Jazz Pharma’s cannabis-based epilepsy medicine Epidyolex
HSE approves cannabis-based medicine for epilepsy patients

Apporval means HSE will reimburse patients for cost of cannabis-based treatment for the first time

Allianz shies away from property; no budget for reforms; and renewables go centre stage

Business Today: the best news, analysis and comment from The Irish Times business desk

Can I get any tax deduction from using a third bedroom as a home office? I would consider sharing the home office with the person in the second bedroom as well. Photograph: Cyril Byrne
How much income will banks look for when considering my mortgage?

Q&A: Plan to rent a room or set up home office unlikely to increase mortgage offer

Furniture retailer Ikea is piloting a free home design service in Ireland from a new store in Naas, Co Kildare.
Ikea offers personalised design service in Ireland

New Naas store will allow customers get free design advice

Assuming the property is owned as joint tenants, you cannot sever the current arrangement without the express written consent of all parties. Photograph: iStock
Joint ownership of property can have unintended consequences

Parents worry that having son’s name on deeds could disenfranchise their daughter

Capital acquisition tax is self-assessed, so if the money became a gift on your death, it would be a case of your son declaring the gift as the affairs of your estate were being dealt with. Photograph: iStock
Gifts, loans and getting on the housing ladder

What is the most financially beneficial way for us to give our son €100,000?

You’re right when you say that the UK system does allow you to back pay national insurance contributions but it is not an open-ended arrangement.
Covering gaps in my PRSI record to maximise my pension

Q&A: Is it possible to back pay social insurance the way you can in the UK?

Most of the financial support given by the Bank of Mum and Dad would seem to be covered by the small-gift tax exemption.
Is Government clamping down on preferential loans to adult children?

Q&A: Dominic Coyle answers your personal finance questions

Former Permanent TSB chief executive Jeremy Masding. Photograph: Nick Bradshaw
Former PTSB chief Jeremy Masding joins board of medtech group i360 Medical

First corporate move by Welshman since stepping down from top job at Irish lender

Shall I challenge the will? Photograph: Getty Images
Q&A: 'I am homeless but my brother was left my mother's house. Can I challenge her will?'

Legal route rarely a good first step but relations here seem beyond repair

Minister for Finance Paschal Donohoe has decided not to proceed with tax changes on interest-free family loans. Photograph: Valeria Mongelli/ Bloomberg
Government steps back from tinkering with Bank of Mum and Dad

Amendments also deal with tax treatment of non-cash prizes in raffles and draws

BGF Ireland head Leo Casey with Tigers Childcare founder and chief executive Karen Clince while Ben Reynolds and Daniella Flynn play away. Photograph: Fennells
BGF invests €10.5m in Tigers Childcare group

Funding will help company pursue further plans for expansion

‘As to contesting a will, my solid advice is don’t.’ Photograph: Getty Images
Will my children inherit their dead mum’s share from grandparents?

Q&A: Who inherits and how they are taxed are two very different issues

It could very reasonably be argued that you would never have incurred the cost of staging the home unless it was for the purposes of selling it
Exactly what expenses can you set against capital gains before tax?

Confusion on whether the cost of staging the property for sale is a valid expense

Pfizer’s plant in Ringaskiddy, Co Cork, is set to play a key role in delivering the pharma giant’s new Covid-19 tablet if it is approved. Photograph: Paul Sancya/AP Photo
Pfizer to produce coronavirus pill at Ringaskiddy plant

Tablet has potential to avoid nine of 10 hospitalisations with virus, says pharma giant

Revenue has extended the deadline. Photograph: Bryan O’Brien
Revenue extends local property tax return deadline

Returns have been filed for about 54% of properties, with helpline in place for queries

In Agenda, we assesses the highs and lows of this year’s event
Climate plan and data centres; landlords break rent rules; and billionaires pontificating

Business Today: the best news, analysis and comment from The Irish Times business desk

Section 2 of the 2003 Capital Acquisitions Tax Consolidation Act – which governs Irish inheritance tax – defines the term ‘child’ as including a stepchild or an adopted child
Q&A: Will inheritance tax treat stepchildren and children equally?

‘Under inheritance tax law, a stepchild is treated exactly the same as any other offspring’

Ryanair flight to Lisbon departs from Dublin Airport. Photograph: Artur Widak/ Getty Images
Ryanair losses tumble, date set for new 15% tax regime; and manufacturer price squeeze

Business Today: the best news, analysis and comment from The Irish Times business desk

‘I am 71 years of age and want to get my affairs in order.’ Photograph: iStock
Tax and timing: giving my second house to my daughter

Q&A: ‘What are the tax implications if I give a property to my daughter as part of her inheritance?’

Going green with nuclear, strong mortgage data; and question about rents

Business Today: the best news, analysis and comment from The Irish Times business desk

‘I am living in Airbnb’s and on people’s sofas every weekend for the past year as my ex comes to the home to be with the children. It’s miserable for me.’ Photograph: iStock
‘Can I release equity in home to help ex-husband buy a place?’

Q&A: Bigger issue seems to be why his choice of accommodation should be your problem

Under Irish capital acquisitions tax, an inheritance is taxable in the Republic if the person who has died was resident in Ireland for tax purposes. Photograph: iStock
Q&A: Where do I pay inheritance tax from my deceased Irish uncle?

Where you pay tax is determined by where either of you is based

Grant aid of €20,000 has been available to taxi drivers scrapping older cars for a new fully electric model. If it is wheelchair accessible, the grant rises to €25,000. Photograph: iStock
Electric vehicle grant scheme for taxis hits budget limit

Taxi drivers told there is no clarity on what funding will be available next year

The problems for you clearly started when your mother died intestate. Illustration: iStock
Going legal route makes sense if siblings cannot agree on sale of mother’s house

Q&A: Untenable for two people to stay in home and deny others’ right to inheritance

Will my daughter qualify for carer’s allowance after the changes announced in the budget?
Family carer wants to make sense of budget changes

Q&A: Higher exempted income and savings will help more qualify for carer’s allowance

Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath before they delivered Budget 2022. Photograph: Julien Behal/PA Wire
Energy costs and contraception top readers’ minds after Budget 2022

Cheaper transport for young adults attracts mixed reaction in live online Q&A session

With energy prices surging, interest in the Government’s fuel allowance scheme is rising. Photograph: istock
Fuel allowance: who qualifies and how do you get it?

Surging oil prices sees sharp increase in interest in State support after Budget 2022

Income tax and USC changes will mean an additional €415 in take-home pay per annum for higher rate taxpayers, said accountants EY.
Boost for all income tax payers as bands and credits rise

Budget 2022: National minimum wage increase means an adjustment in USC band

The Pensions Commission report urges the Government to finally phase out yearly averaging so that we do not have two systems in operation and because it is more inequitable
Will 15 years working in Ireland get us a full State pension?

Q&A: Immigrant couple looking to start their own business after working in the US

Patrick Mulholland, founder and managing director of VistaMed, which has announced that it will add 100 job to its Irish workforce over the next two years
Leitrim medtech group VistaMed announces 100 jobs

Major expansion for German-owned catheter specialist in Carrick-on-Shannon

Minister for Finance Paschal Donohoe will deliver Budget 2022 on Tuesday
Cost of building rising, companies on life support, and Budget 2022 coverage

Business Today: the best news, analysis and comment from The Irish Times business desk

The latest figures bring activity so far this year to €378m. File photograph: Getty
Cost of building rising at twice rate as before pandemic

Surveyors in Ireland figures indicate prices nationally jumped by 7% in first half of 2021

Incorrect labelling by the sender might have been the reason DPD charged €19 in tax and fees for a parcel that should have been tax-free
Parcel from UK lands reader with confusing bill

Q&A: Dominic Coyle answers your personal finance questions

Minister for Social Protection Heather Humphreys says the commission ‘has unambiguously established that the current State pension system is not sustainable into the future’. Photograph: Gareth Chaney/Collins
Employees will be able to work until State pension age under new proposal

Report also recommends allowing people to defer their pension until the age of 70

Photograph: iStock
Beware an overheating economy; the cost of EV charging; and the return of Joe Walsh Tours

Business Today: the best news, analysis and comment from The Irish Times business desk

Irish pensioners over the age of 70 are automatically entitled to a GP visit card.
Medical cards and moving to Ireland from Britain

If you are on a state pension in the UK, you should be eligible for free healthcare here

Defined contribution schemes do not promise a specific pension payment
Irish pension funds have highest exposure in Europe to low risk bonds

On ESG, Irish funds prioritise governance over environment contrary to general trend

Bilateral agreements are in place with countries such as the United States covering areas like pensions
Adding US and Irish work records to maximise my pension

Q&A: Bilateral arrangements govern pension rights for work done outside EU countries

Isme says the nature of public service pensions means that a private sector worker, who wants to save for a pension as good as a public servant earning the same salary, would have to save at least half of their earnings throughout their working life. Photograph: iStock
Call for measures to end pensions ‘discrimination’ against private sector

Groups seek budget moves to help bridge gap with public servants’ entitlements

Perrigo chief executive Murray Kessler said the €297 million tax settlement in the best interest of all of Perrigo’s stakeholders, removing a major uncertainty for the business.
Drug company Perrigo welcomes settlement of record tax bill

Company will pay over money within seven days of formal agreement being signed

Revenue has agreed a €300m settlement with drugs company Perrigo following a dispute that dates back to a 2016 audit. Photograph: Nick Bradshaw
Perrigo’s €300m tax deal, Web Summit’s lawsuit, and save on your energy bills

Business Today: the best news, analysis and comment from The Irish Times business desk

The Revenue Commissioners have settled a €976 million dispute tax bill with US pharma company Perrigo for just under €300 million. Photograph: Nick Bradshaw
Perrigo agrees €300m settlement of €1.64bn tax assessment

Tax dispute dates back to a 2016 audit by Revenue

Demand for gas from the residential sector is up 19 per cent on pre-Covid levels in August. Photograph: Angel Garcia/Bloomberg
Gas fuels 55% of power generation despite outages

Demand rising across most sectors but generally still down on 2019 figures

Irish Water is “not fit for purpose”, Construction Industry Federation director general Tom Parlon said. Photograph: iStock
Broken planning structures; the retention of wage supports; and talent issues

Business Today: the best news, analysis and comment from The Irish Times business desk

Cash windfall options: pay down the mortgage or enhance our pension?

Q&A: As public servants you can invest in AVCs or purchase notional service

Tom Parlon, director general of the Construction Industry Federation. File photograph: Eric Luke
Government must fix issues holding back construction, says industry chief

Tom Parlon calls for investment in capital infrastructure to support housing plans

Emergency services at the scene of a fire at the Glenisk factory in Killeigh, Co Offaly on Monday. Photograph: Midlands 103
Fire destroys Glenisk yoghurt plant in Offaly

All production facilities have been lost in fire at plant outside Tullamore, director says

Even though you might not qualify for a State pension here on your Irish work record, you could qualify on the back of your work in different EU countries. Photograph: iStock
How does State pension take account of time spent working in EU?

Q&A: You could find yourself with pensions from a number of countries

KPMG is urging the Minister for Finance to temporarily remove or reduce VAT on new homes in a move it says would encourage developers to bring more affordable homes to market as soon as possible. Photograph: Gareth Fuller/PA Wire
Housing must be top budget focus for Donohoe, says KPMG

Pre-budget submission emphasises need to improve competitiveness of Irish economy

Minister for Finance Paschal Donohoe is to keep the Irish banking levy beyond its scheduled conclusion date at the end of this year. Photograph: Nick Bradshaw
Banking levy extended, housing plan concerns, and difficult choices ahead on corporate tax

Business Today: the best news, analysis and comment from The Irish Times business desk

Karen Clince, owner of Tigers Childcare: ‘Covid affected our business just as much as it did other services.’ Photograph: Alan Betson
Tigers eyes up more creches as parents start going back to the office

Childcare group buys 13th premises in Dublin as it raises funds for further growth

A straightforward pro rata arrangement will come into play if you do not have the full 40 years of contributions.
Q&A: Making sense of the new way of qualifying for a State pension

How will it be calculated if you don’t have 40 full years of contributions?

Multinational group CF Industries suspended production at two British fertiliser plants last week over the soaring cost of natural gas, which is essential to their operations.
Food processors warned of rationing amid energy crisis

Sector concern over supplies of critical carbon dioxide as British plants suspend operations

Consumers’ energy bills and food supplies are being hit by a surge in the wholesale price of gas. Photograph: iStock
Energy bills: why are prices rising so dramatically?

Gas supplies are low across Europe with pressure on food chain and power prices

My vehicle was hit by another one causing significant damage but the insurer is baulking at compensating me for depreciation. Photograph: iStock
Insurer failing to compensate me for reduced value of car after crash

Q&A: What are my rights and my options, short of taking them to court?

Minister for Finance Paschal Donohoe: ‘Delaying policy decisions in this area has the potential to negatively impact the public finances in the years ahead.’ Photograph: Niall Carson/PA Wire
Keeping State pension age at 66 is ‘unsustainable’ – report

Department of Finance says bill for failing to increase age will hit €50bn over longer term

The cost of the help-to-buy scheme could exceed €170 million in 2021, more than four times the original estimated annual cost of €40 million. Photograph: Rui Vieira/PA Wire
Help-to-buy relief costing Government four times initial estimates

Scheme likely to be extended in budget due to Government commitments on housing

Figures published on Wednesday showed the numbers receiving the Pandemic Unemployment Payment fell by more than 25,000 this week to 114,612. Photograph: iStock
Family businesses ‘competing against PUP’ to get people back to work

Family-owned businesses employ twice as many as FDI and State combined – report

Apple has unveiled the iPhone 13, featuring longer battery life and more storage. Photograph: Jonathan Cherry/Bloomberg
Dodging hard budget choices; unwelcome spotlight for medics; and Ryanair plans 5,000 jobs

Business Today: the best news, analysis and comment from The Irish Times business desk

When buying a property with a friend, or friends, you must agree at the outset who owns what under what terms. Photograph: Getty Images/iStockphoto
I want to sell the house I bought with a friend but they are reluctant to do so

Q&A: Dominic Coyle answers your personal finance questions

Taxback.com is urging people to claim reliefs, noting 40 per cent of workers not subject to Covid pay supports secured refunds from Revenue averaging €430. Photograph: iStock
Covid subsidy scheme created tax liability for most recipients

Employee Financial Wellbeing service found average bill of €1,000 for temporary support

‘The time to start planning for your retirement is your first week at work,’ said Paul Kenny. Photograph: iStock
Workers urged to apply for State pension early to avoid losing payments

Don’t wait until retirement year before applying, says former pensions ombudsman

State’s investment plans at risk, William Fry to facilitate flexible work, and smoking to be banned in the home

Business Today: the best news, analysis and comment from The Irish Times business desk

My siblings have agreed to sell their share of the house to me at a very reduced rate.
Buying siblings out of inherited family home at a discount – but what about tax?

Disclaiming the inheritance might work but timing is crucial

Officials accept that delivering on the retrofit programme will require a new approach, and is working towards a one-stop shop that will streamline the process for homeowners and builders, with whole areas being done at the same time. Photograph: iStock
CIF says plans to deep retrofit 500,000 homes by 2030 ‘unrealistic’

Parlon claims logistical issues could undermine target for 300,000 new homes by the end of 2030

Builders are now refusing to sign the contracts they have been awarded because they will be required to deliver at the tender price. File photograph: Getty
Builders walking away from school projects over costs - CIF

Losses assured if taking work priced up 18 months ago, says Construction Industry Federation

Age Action said raising the pension age to 68 was futile while most workers still face mandatory retirement from their jobs at 65 and would not fix Ireland’s ‘ailing’ retirement system. Photograph: iStock
Plans to proceed with raising State pension age meet stiff resistance

Pensions Commission set to recommend retirement age should not increase until 2028

Ikea is having stock problems in Ireland, due to issues with its supply chain. But is it Covid-19 or Brexit that is to blame? Photograph: Dara Mac Donaill
Backing higher buildings; Ikea runs short; and Ryanair hopes to call Boeing’s bluff

Business Today: the best news, analysis and comment from The Irish Times business desk

This is your family home, your principal private residence in Revenue terms, and therefore it benefits from a specific exemption in relation to capital gains tax regardless of any increase in value on the 2019 valuation or the actual price you paid.
Will parental handout on home purchase have tax implications when we sell?

Q&A: Dominic Coyle

‘Can I offset any loss on my wife’s home against any gain I make on my house?’ Photograph: Getty
Accidental landlords look to calculate the tax fallout of property crash

Q&A: Dominic Coyle answers your personal finance questions

Cryptocurrencies are today’s bubble asset. Photograph: Mike Segar/Reuters
What taxes apply to my cryptocurrency gains (and losses)?

Q&A: Dominic Coyle

‘I would like to give €70,000 of my inheritance to my only brother who was not included in the will.’
Can I share my inheritance with brother left out of the will?

Redividing the will is possible but comes with a tax bill

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