Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have raised this with the Minister for Finance but no concern has been expressed on the floor of the Dáil. Tax advisers are telling companies to use the loophole. It was created in the Finance Act 2022 and the Society of Chartered Actuaries warned against it. It wrote to the Department of Finance in advance of the change with its recommendations and stated there were some concerns about the extent of the tax relief that might be claimed in respect of BIK-free employer contributions to a PRSA, given that PRSAs are not subject to benefit limits. We all know that, before the time I am talking about and with respect to a director who employed his son on a minimum wage, the amount that could be put into a pension that would be subject to a tax-free allowance would be on the basis of both his age and the income. What is happening now is crazy stuff. Not only could I create a €2 million pension pot for my son but I could also do it for my daughter and spouse. There is a massive loophole in our tax law at this point. I am surprised it has not been closed down. It has been raised for quite a while.