Question on AVCs and Form 11

M

misterchuck

Registered User
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Hi all,
Excuse my ignorance on tax issues. Submitting a Form 11 for small side income earned in 2022.
I was paying my AVCs for 2022 and thinking I could offset tax from that for the bill, but it appears that the tax credit was already applied to my PAYE income - is this right? Would have thought it was retrospective. Tax bill for 2022 was higher than I had expected - or saved for.
Thanks in advance.
 
Are your avc’s though an occupational scheme? I have avc’s in a DC scheme in work and the relief is allowed at source and then I have avc’s in a PRSA separately that I claim the relief at year end. If they are taken from your salary and are part of an occupational pension I would imagine it is at source with relief already applied. It can be either or in terms of being retrospective although if not related to your employment then you would have had to apply for the relief yourself. Have a look at your tax the relief would be reflected in your gross pay.
 
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Thank you.
They are PRSAs. I had not requested for the relief to be assigned in advance, but it appears it has been. Very strange. Not sure how that could have been done, but I am no tax expert.
Thanks again
 
misterchuck said:
Thank you.
They are PRSAs. I had not requested for the relief to be assigned in advance, but it appears it has been. Very strange. Not sure how that could have been done, but I am no tax expert.
Thanks again
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If you claimed it in the part during an active tax year, it may have been carrying forward each new tax year. The only way to know will be to send a myenquiry and ask Revenue to check how long those figures have been there as depending on what you've been contributing, you may have overpayments or underpayments.
 
Maybe they continued with the amounts you previously submitted for relief in terms of AVC. Have you increased your contributions? I have to send a copy of the contributions from Zurich when claiming relief. If you are a PAYE worker you can amend pension contribution on ROS have you logged in there and reviewed it will give you a breakdown.
 
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