Tax Relief on PRSA Pension

bluecherry74

I've had a PRSA pension for some time now, but I only just discovered that I can claim tax relief on it. I've got the statements/certs from the pension provider but I'm not quite sure how to go about it.

1) Is this the form I need to fill out and return with the certs? It mentions PRSI but not tax relief.
http://www.revenue.ie/en/tax/it/forms/cgprsi1.pdf

2) How many years back can I claim - the form only has space for up to 3 years but I was told it was 4?

3) How long does it generally take to get the tax back?

4) Anything else I need to know?

Thanks for any help or advice. I really need to get better at doing this sort of thing.

coylemj

Your best bet is to phone your local tax office and ask - the office should be mentioned on your last tax-free statement or similar. You need to submit a tax return for each of the previous xxx years (can't answer that question) and claim the pension contributions. You will need a P60 from your employer for each of those years.

That form you quoted is a separate deal, that will get you back some of your PRSI contributions which is a matter between you and the Dept. of Social Welfare or whatever it's called these days. Submitting a tax return will get you back the relief on PAYE only for the pension contributions.

bluecherry74

Thanks for the info - I'll get onto the tax office.

lisasimpson

sorry from jumping into this tread. I am part of a pension scheme at work where my employer pays x amount and then x amount I pay in from my salary. I am entitled to tax relief on the portion I contribute to my pension every month. ive asked a few people but no one could answer

The J Stands for Jay

lisasimpson wrote: »

sorry from jumping into this tread. I am part of a pension scheme at work where my employer pays x amount and then x amount I pay in from my salary. I am entitled to tax relief on the portion I contribute to my pension every month. ive asked a few people but no one could answer

You are entitled to tax relief. Your employer should have this all sorted out in your pay (your pension contributions are deducted from your parsnip without PAYE applying).

srsly78

McGaggs wrote: »

(your pension contributions are deducted from your parsnip without PAYE applying).

coylemj

McGaggs wrote: »

You are entitled to tax relief. Your employer should have this all sorted out in your pay (your pension contributions are deducted from your parsnip without PAYE applying).

+1 Any contribution you make via the payroll is deducted from your salary before PAYE is calculated so you don't have to do anything, you're already getting the tax relief.

The J Stands for Jay

srsly78 wrote: »

That typo is far too good to edit.

coylemj

McGaggs wrote: »

You are entitled to tax relief. Your employer should have this all sorted out in your pay (your pension contributions are deducted from your parsnip without PAYE applying).

Of course getting tax relief on pension contributions is the carrot that attracts most people.

Couldn't resist!

Eaglebridie 32

Regarding claiming PRSI refunds on form CGPRSI1, anyone any idea how long it's taking to get refunded from date of application?