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Voluntary Contributions Tax Relief

  • 18-06-2020 09:19AM
    #1
    willabur
    Registered Users, Registered Users 2 Posts: 1,636 ✭✭✭


    Hey All,

    I was on revenue website earlier looking at my tax returns and what I can possibly claim back. My company contribute 5% towards my pension fund while I contribute 10%. Does this constitute voluntary contribution on my part? Can I claim tax relief on the additional 10% that I am paying month by month?


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Normally employee contributions are tax relieved on the 'net pay' arrangement through the employer.
    So your taxable pay is reduced by the contributions you make each month and you pay tax on the amount after that. So relief is given there already. You can check with payroll dept to be sure this is the case.

    https://www.revenue.ie/en/employing-people/what-constitutes-pay/employees-pension-payments/types-of-pension-contributions.aspx


  • #3
    willabur
    Registered Users, Registered Users 2 Posts: 1,636 ✭✭✭willabur


    so would that make the voluntary contribution that is referred to on ROS as money you put in that is outside of the payroll system?


  • #4
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    willabur wrote: »
    so would that make the voluntary contribution that is referred to on ROS as money you put in that is outside of the payroll system?

    If you mean Additional Voluntary Contributions (AVC's) they are usually also dealt with via net pay arrangement when paid through the employer.

    If you make a payment which is not dealt with on the net pay arrangement i.e. not tax relieved via the employer then it ma be claimed on your tax return subject to the overall limits for relief ( % / age etc. )


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