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  #1  
Old 01-12-2006, 12:03 PM
igloo igloo is offline
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Default AVC and claiming Tax Relief

Folks,

This question may well have been expounded here before, but the Search option ain't working for me

Based on my age and tax band, I'm ready to maximise my 2006 contribution to AVC via my employer to the tune of approx €11,000

I understand that after the lump sum is processed by the pension fund, a receipt of sorts is provided as proof of payment. But how do I claim the 42% tax relief;
  • Do I file a tax return for 2006?
  • Do I get a lump sum cheque back from the Revenue?
  • Do I get automatic increase in tax credits for year ahead?
All advice appreciated.
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  #2  
Old 01-12-2006, 12:13 PM
Guest126
 
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Default Re: AVC and claiming Tax Relief

If you put it through payroll you will get relief at source.

If you are submitting a cheque to the pension plan 'outside' of payroll, then you will need to submit a tax return with proof of contribution.
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  #3  
Old 01-12-2006, 12:32 PM
igloo igloo is offline
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Default Re: AVC and claiming Tax Relief

Thanks for the response. I will be paying via cheque, my employer will handle the processing of the contribution to the pension fund manager.
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  #4  
Old 01-12-2006, 12:33 PM
Guest126
 
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Default Re: AVC and claiming Tax Relief

Why not put (at least) some of it through payroll, the relief is immediate then no waiting around for cheque from revenue.
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  #5  
Old 01-12-2006, 12:52 PM
ClubMan ClubMan is offline
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Default Re: AVC and claiming Tax Relief

Quote:
Originally Posted by CapitalCCC View Post
If you are submitting a cheque to the pension plan 'outside' of payroll, then you will need to submit a tax return with proof of contribution.
And claim PRSI relief separately:

Claiming PRSI relief on standalone PRSA contribution
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