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Private Pension

Trhiggy83 · 2010-11-06 01:38:33

Pardon my ignorance here, but i set up a private pension (PRSA) two years ago and have been paying into it ever since. I had to fill out a tax return form there recently and i filled in how much i paid into my pension in 2008 and 2009. My question is how am i getting tax relief on the amount i paid in. I always thought i…

06-11-2010 1:38am

#1

Trhiggy83

Registered Users, Registered Users 2 Posts: 731 ✭✭✭

Join Date: June 2010

Posts: 677

Pardon my ignorance here, but i set up a private pension (PRSA) two years ago and have been paying into it ever since. I had to fill out a tax return form there recently and i filled in how much i paid into my pension in 2008 and 2009.

My question is how am i getting tax relief on the amount i paid in. I always thought i was getting tax relief at source but only realised that i had to fill in a tax return form last month. Is there a possiblility that i get my tax relief when calculated by revenue. Should i be expecting a cheque in the post

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Comments

#2 06-11-2010 3:55pm

Pablo Sanchez

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Posts: 1136

You would receive tax relief via tax credits. You can claim back up to 4 years payments but going forward you will receive them as credits on your p60, it is not paid at source.

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#3 06-11-2010 3:59pm

eagle_i

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Join Date: July 2010

Posts: 86

For others reading this, I answered original post regarding claiming the tax relief on your contributions here.

With regard to how you will be paid your relief, once you've submitted your tax return for the year ending 31/12/2009. Assuming you have not under paid your tax for that year you will receive a cheque refunding you the amount of tax you over paid during that year - while it is tempting to frame a revenue cheque which is likely to be a collectors item in the not too distant future, my advice is lodge it straight away!!!

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