If I am self-employed with an income of 40k and 45 years old, can I open a PRSA?

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Premos

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If I am self-employed with an income of 40k and 45 years old, can I open a PRSA and put 30k in it as my contribution for 2022, 2023 and 2024 for example? Is there a limit on the number of future years I could cover? Would there be pitfalls to that approach? In terms of tax, is it then just a question of putting a contribution of 10k per year on my return?
 
Premos said:
Sole trader.
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Apologies, I completely misread your question.

Currently, there's no limit on the number of years you can carry forward the portion of your contribution that doesn't get tax relief.

Are you a high rate tax payer?
One of the pitfalls is if you never have enough earned income to benefit from tax relief. Or if you need to claim the relief in a year of low income rather than years of high income.
 
On the example, I took 40k income for ease. The income is lower than that and would be in the 20 per cent tax band. No chance to get in the higher band any time soon but everything else is maximized. Spouse pension, mortgage paid...
 
Is it just a question then of putting 10k a year on my return for the next couple year? Or do I put a contribution of 30k the first year and it is automatically taking into account for the following years (that would be surprising).
 
You'll need to put in the amount for each year yourself. There's an input labelled "(f) Amount paid in a prior year, for which relief has not been obtained"
 
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