PRSA Oct 31 Deadline Problem with Revenue

C

Cantona7

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I took out a PRSA just prior to the Oct31 2006 deadline for the 2005 tax year. Due to internal admin errors in the company I didnt receive any paperwork until last week in relation to the PRSA. When i got the paperwork i went to apply to Revenue this week to reclaim the tax on the contribution.Revenue were very nice about it but told me i was ineligable for making a claim in the 2005 tax yr as i had not notified Revenue prior to Oct31 of my intention to take out a PRSA.

In Oct 06 the life company rep said all i had to do was have the cheque in with them before oct31 and then go and reclaim the tax from Revenue, now theyre saying i should have consulted a tax advisor before taking out the PRSA!!

I cant make a claim in 2006 as my earnings and tax paid is insufficient to cover my contribution to the PRSA made in oct this yr.

Any info appreciated..
C7
 
Maybe they changed the rules/treatment in recent rules but in the past I have made lump sum contributions before October 31st and submitted the claim post October 31st with proof (e.g. PRSA1 or RAC certificate) that payment was made on or before the deadline and they refunded me. I am PAYE in case that matters. There is always a possibility that the Revenue staff member is wrong and you could ask somebody else.
 
Might the rules be different for AVC to existing pension and setting up a new pension as the OP has done?
 
Did you ask for a receipt from the PRSA company in respect of the contribution you made before 31 October.

Presumably PRSAs work in a similiar fashion as personal pension plans, for personal pension plans you claim the tax relief by presenting a retirement annuity certificate RAC to the revenue which confirms how much was paid and when it was received by the life company.
 
murp said:
Did you ask for a receipt from the PRSA company in respect of the contribution you made before 31 October.

Presumably PRSAs work in a similiar fashion as personal pension plans, for personal pension plans you claim the tax relief by presenting a retirement annuity certificate RAC to the revenue which confirms how much was paid and when it was received by the life company.
Click to expand...
For PRSAs the PRSA1 form/certificate is the relevant "receipt" in this situation.
 
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