Lump sum and tax relief?

C

Chiggles

Registered User
Messages
39
Hi

I have a lump sum to invest. I have a personal quinn life pension but not a work one.

I would like to put 20% of my salary from my lump sum into my personal pension plan.

Q is: can I avail of tax relief if i write the cheque myself? Can I put the money in from my savings and then claim tax back at the end of the year?

I would normally ask my employer to pay it directly from my salary but am in the process of moving company and dont want to look for a favor from them as I head out the door.

Thanks

Chiggles
 
Chiggles said:
I would like to put 20% of my salary from my lump sum into my personal pension plan.
Click to expand...
Yes. You just inform Revenue and they will refund the tax. You can then claim PRSI relief. You can also offset contributions against 2007 tax if appropriate. The key posts in this forum cover most or all of these issues. I am assuming that the full 20% of income would be eligible for tax/PRSI relief. Whether or not this is the case depends on how you split it between 2007 and 2008 and your age.
Q is: can I avail of tax relief if i write the cheque myself? Can I put the money in from my savings and then claim tax back at the end of the year?
Click to expand...
You can claim tax and thereafter PRSI relief immediately once you have made the contribution.
 
Hope this link helps?

[broken link removed]

 
You must log in or register to reply here.
Menu
Log in
Register