PAYE Anytime adjustment of tax bands

[sonandheir]

Was wondering if anyone knows if there is any issue adjusting your tax reliefs down so that you can claim this as a lumpsum at the end of tax year?

i.e. Set my PAYE tax credit to 0 for 2014 then claim it in early 2015 so can get it as a lumpsum with other tax reliefs like medical expenses.

I don't want to adjust them down and then lose them. Thanks.

 

[vandriver]

By what mechanism do you propose to do this?Do you have a spouse with low earnings?

 

[sonandheir]

On the PAYE I have an allowance of 1650 for 'PAYE tax credit' but it allows me to set it to 0. If I do this can I just claim the whole 1650 at the end of the year instead of getting the tax relief throughout the year in my wages?

 

[mandelbrot]

On the PAYE I have an allowance of 1650 for 'PAYE tax credit' but it allows me to set it to 0. If I do this can I just claim the whole 1650 at the end of the year instead of getting the tax relief throughout the year in my wages?

You do realise you should have probably called the thread title:

"I would like to give the Exchequer an interest-free loan of €1,650 of my money"...

Why don't you just set up a standing order out of your bank account and into a savings account of €33 per week, or depending on your employer you could set up a direct salary deduction of the equivalent amount.

At least then you'd have access to your own money, in case you needed it.

And to actually answer your OP, as far as I know the answer is no, you can't get Revenue to artificially reduce your credits like that. The officer amending your record would have no statutory authority to do that. If you owed them money, then they could collect it by reducing your credits, but that'd be a completely different situation.