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Pensions Incentive Tax Credits (PITC)

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  • 12-12-2006 2:49pm
    #1
    Yorky
    Registered Users Posts: 1,485 ✭✭✭


    If a self-employed person has contributed a lump-sum for the 2005 tax year (just before the October 31st 2006 deadline) up to the Revenue limit PLUS an extra amount towards the 2006 lump-sum, how do they stand?

    My understanding is that the forthecoming 2006 lump-sum can be topped up to the Revenue limit, tax relief claimed on this and then SSIA proceeds up to €7,500 can also be added to the pension fund with tax relief. Is this summary correct?


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    #2
    sofireland
    Registered Users Posts: 1,245 ✭✭✭sofireland


    The relief can be carried forward as you have described for the next tax year. Particularly useful when you move between relief bands ie go from 39 to 40 where you can then put more of your salary in.

    I think but ain't 100% sure though that their may be an income threshold limit applied to the SSIA proceeds though...

    to be 100% i'd talk to an accountant, or pensions advisor


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