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Tax relief on PRSA contributions

  • 19-10-2019 7:48pm
    #1
    colm_c
    Registered Users, Registered Users 2 Posts: 2,015 ✭✭✭


    I want to do some contributions to my PRSA before the end of the year, and I was just on revenue my account, working out the tax credit.

    However, it's only giving me 20% tax credit, rather than the marginal ~40%

    I am paying the higher marginal rate of tax.

    Am I missing something simple as to the reason for this?

    I have contributed to a pension this year (occupational), but changed jobs recently and they don't have a company pension scheme.

    Any ideas, before I call them on Monday?


Comments

  • #2
    28064212
    Registered Users, Registered Users 2 Posts: 10,968 ✭✭✭✭28064212


    Did you get an answer on this?

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  • #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    colm_c wrote: »
    I want to do some contributions to my PRSA before the end of the year, and I was just on revenue my account, working out the tax credit.

    However, it's only giving me 20% tax credit, rather than the marginal ~40%

    I am paying the higher marginal rate of tax.

    Am I missing something simple as to the reason for this?

    I have contributed to a pension this year (occupational), but changed jobs recently and they don't have a company pension scheme.

    Any ideas, before I call them on Monday?


    Has the PRSA contribution dropped your assessable income down into the 20% bracket?


  • #4
    colm_c
    Registered Users, Registered Users 2 Posts: 2,015 ✭✭✭colm_c


    28064212 wrote: »
    Did you get an answer on this?

    Yes, quick call to revenue got the info I needed.

    50% of the tax relief is tax credit, the rest increases your 20% tax bracket, so it ends up being the ~40%


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