How do I claim the Tax relief if I set up a lump sum PRSA for last year?

G

gbh2930

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I am employed, not self-employed. I made no pension contributions in 2011. My employer in 2011 did not operate an occupational pension scheme.

I now wish to set up a PRSA using my 2011 contribution allowance and make a one-off lump sum contribution in respect of 2011.

I understand my contribution will qualify for Tax Relief, but how do I claim the Tax relief for this 2011 PRSA contribution that I am about to make?

Do I get tax credits that I can apply to the current year?
i.e. How does it work? What is the process?
 
After some more digging around, I think what I have to do when I make the lump sum contribution, is get a PRSA 1 certificate back from the provider and then submit that certificate with a Form 12 to the revenue before Oct 31st.

Can anyone confirm that I have understood this correctly?
 
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