Hi all, a quick assurance-vie question that I cannot seem to find the answer to if anyone can help.
If we withdrew a lump sum during the initial 4 years of say €17,000 I understand rather than paying tax at source at 35% we can choose to declare this as part of our annual tax return and by doing so it would be taxed as part of our annual household taxable income. If the €17,000 was in reality our only income as we are living off savings and it therefore falls below net taxable income threshold for a couple of €27,559 would I be right in thinking there would be no tax liability? I am trying to understand whether by doing it this way we avoid the very high tax level applied to the gain of withdrawals in years 1-4 .
Many thanks for any advice.