Hi All
Newbie at this so please be gentle!
About me:
33 year old single, no dependents, no pension scheme... But I want to start one - soon!
My SSIA will mature at end of April with approx 11K
Salary last year was 46.5K on which i paid €9394 in Tax
(made up of 6412 at lower rate, 6368 at higher, 3387 tax credit)
My salary this year is 52.5K so i presume this means i'm not entitled to the Govt 2.5K offer...
So my question is:
Can i invest €9394 from my SSIA in an AVC for 2006 (ie. last year)and write this off against my tax?
If so will i get a cash refund from the Revenue for this, or will it be added to my PRSA, or what will happen to the money?
If its a refund, What refund would i be entitled to?
Is it €9394 * 0.42 = €3945
or would it be (Lower rate-tax credit x 0.21)+(Higher rate x 0.42)=3309
Or is it that i should only invest (Salary-Standard rate cut off point 32k)x 0.42 =6090 and claim 0.42 back on that = 2557
Or some other weird and wonderful combination?
(or maybe i'm just looking for free money where it doesn't exist!)
Thanks in advance to anyone who answers
Newbie at this so please be gentle!
About me:
33 year old single, no dependents, no pension scheme... But I want to start one - soon!
My SSIA will mature at end of April with approx 11K
Salary last year was 46.5K on which i paid €9394 in Tax
(made up of 6412 at lower rate, 6368 at higher, 3387 tax credit)
My salary this year is 52.5K so i presume this means i'm not entitled to the Govt 2.5K offer...
So my question is:
Can i invest €9394 from my SSIA in an AVC for 2006 (ie. last year)and write this off against my tax?
If so will i get a cash refund from the Revenue for this, or will it be added to my PRSA, or what will happen to the money?
If its a refund, What refund would i be entitled to?
Is it €9394 * 0.42 = €3945
or would it be (Lower rate-tax credit x 0.21)+(Higher rate x 0.42)=3309
Or is it that i should only invest (Salary-Standard rate cut off point 32k)x 0.42 =6090 and claim 0.42 back on that = 2557
Or some other weird and wonderful combination?
(or maybe i'm just looking for free money where it doesn't exist!)
Thanks in advance to anyone who answers