Does this mean that a person who is not in pensionable employment can get tax relief for PRSA contributions of 1525 euro if their only source of taxable income is unearned income e.g. investment income ?An individual who is not in pensionable employment is entitled to relief on contributions up to €1,525 even if the contribution exceeds the relevant age percentage limit (section 787E(4) TCA). This does not apply in the case of contributions to a PRSA for AVC purposes.
Regards,
Liam
www.FergA.com
Or do they need to actually be earning income (i.e. working) in an employment that does not offer a pension plan ?
Is that always true?There really isn't much point in contributing to a pension fund while they are not getting any tax relief on it.
There really isn't much point in contributing to a pension fund while they are not getting any tax relief on it.
If they expect to do work in the future and have an income which is taxable, then they should save their €100 a month in a bank account and contribute when they are getting tax relief.
Or when the mandatory pension is introduced, they will get a top-up from the government.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?