Yes, I have 2 incomes, 1 public service and 1 private sector. Total gross is €120k which puts me beyond the relief limit and so I calculate that the maximum relief I can get is €23k per annum (20% of €115k).
PS pension conts do count towards the Revenue limits on tax relief.
That's what I stated.
I think you may have to take specialist tax advice on this one.
I know Revenue has certain "dual income" rules when it comes to relievable pension contributions (largely directed at hospital consultants with private practices) but I'm not sure how they would be applied in your circumstances.
You have to maximise the tax relief available under the pension scheme you joined first.
I've read Chapter 26 a few times now and I can't see where it says that.
In Example 1 (below) it seems to say that Mary can makes contributions to both without reference to which came first. Is there a different rule for HSE?
Example 1
Mary has earnings from employment of €100,000 in 2012. She also has self employed income of €100,000. She is aged 28 and is required to make a contribution of 10% of salary (i.e. €10,000) to an occupational pension scheme established by her employer. (Given Mary’s age, the maximum allowable tax relievable contribution she can make in respect of her employment earnings is a contribution of 15% of her salary i.e. €15,000). What is Mary’s scope for making further tax relievable pension contributions? As Mary is already making pension contributions in respect of her employment earnings of €100,000, she has, in effect, “used up” €100,000 of the aggregate earnings limit of €115,000. Clearly, she has not fully used her capacity to make tax relievable pension contributions in respect of her employment earnings and she could check with her scheme administrator/pension advisor to see if she has scope to secure extra benefits through AVCs. If such scope exists, she could make tax relievable AVCs of up to an additional 5% of her employment earnings (i.e. up to €5,000). In relation to her self-employed income, because Mary has “used up” €100,000 of the aggregate earnings limit of €115,000 in contributing to her occupational pension scheme, her capacity to make tax relievable contributions to a personal pension plan in respect of her self-employed earnings is restricted to a maximum of 15% of €15,000 (i.e. €2,250). This is the position irrespective of whether Mary decides to make an AVC or not.
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