Meeting with Minister for Finance, Jack Chambers

On the 10th of October, representatives from Brokers Ireland had the timely opportunity to attend a meeting with the Minister of Finance, Jack Chambers, within one hour of the Finance Bill been published.

There were a few items in relation to the bill that were raised with the Minister including the new restrictions on employer contributions to PRSA’s for BIK purposes. Brokers Ireland expressed our dissatisfaction with the proposed change and asked that some consideration be given to allowing contributions of the higher of 10% of the SFT or 100% of Salary. This was followed up with a submission to department officials who had also been attendance at the meeting.

Other topics discussed at the meeting was reducing the LAET and abolishing the 1% levy, disproportionate regulation of intermediaries and capacity in the market for certain risks.

We were encouraged to see that following this meeting and many years of advocacy on behalf of our members and your clients, the Fund Sector Review Report which was published on the 22nd of October recommended aligning LAET with the tax treatment of similar products such as deposits and the abolition of the 1% life assurance levy.

Brokers Ireland welcomed this engagement with the Minister on these key critical Broker issues and looks forward to ongoing consultation with the Minister for Finance.