Just remember that if ur 30 k is not all taxable, depending on how you and the boss deal with your txac credits, then u may not get the full 6.2k at 41%.I am working 5 days and earning 50k and get tax relief of 41% on pension contributions.
If I was to go on a 3 day week and be earing 30k do I only get tax relief of 20% on any contributions or would I continue to get 41% ?
My wife is earning 75k and pays in to a pension also at work.
We are jointly assessed.
Thanks
I think that SBarrett's advice is pure wrong.
In your circumstances, the first €23,800 of income of the spouse earning the lower income is subject to basic rate (20%) tax with the balance subject to the higher rate of 41%. In simple terms, if your taxable income is €30,000 - then the first €6,200 that you pay into a pension will qualify for 41% relief so long as this is within the allowable age related % relief, as set out below....
Age Amount which qualifies for tax relief
Under 30 years 15% of net relevant earnings
30 to 39 years 20%
40 to 49 years 25%
50 to 54 years: 30%
55 to 59 years 35%
60 and over 40%
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