# PRSA tax relief



## letitroll (29 Jul 2014)

Hi All

I'm looking to setup a PRSA. Tax relief is at 41% and claimed back

Is this correct?


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## G7979 (29 Jul 2014)

[broken link removed]

Fill that in and send it off to your local tax office


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## letitroll (29 Jul 2014)

That's for a PRSI refund is it not? And it's also my understanding that you cant claim releif for PRSI these days only PAYE at 41%


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## suzie (30 Jul 2014)

if you are PAYE then like me you'd complete a Form12 for the tax year in question. From this you'll get a P21 (balancing statement)

S.


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## Steven Barrett (30 Jul 2014)

Clients of mine have just submitted their PRSA Cert to the Revenue and got their refund without having to do a tax return. double check with your Revenue office that they will accept that. Otherwise, you have to submit a tax return to claim it back. 


Steven
www.bluewaterfp.ie


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## Baracuda (30 Jul 2014)

Just to be clear...are you self employed or an employee?  If  you are an employee and not a member of an occupational pension scheme you cannot make a retrospective pension contribution for the previous year.


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## letitroll (30 Jul 2014)

Thanks


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## Baracuda (26 Aug 2014)

Baracuda said:


> Just to be clear...are you self employed or an employee? If you are an employee and not a member of an occupational pension scheme you cannot make a retrospective pension contribution for the previous year.


I have to hold my hand up and admit I was mistaken!

It appears that my reading of retrospective pension contriutions for employee's was inacurate and an employee can make a retrospective contribution before the 31st of October. 

Thanks to Liam D Ferguson for educating me!


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## Homer (2 Sep 2014)

letitroll said:


> Hi All
> 
> I'm looking to setup a PRSA. Tax relief is at 41% and claimed back
> 
> Is this correct?



Not necessarily.  The PRSA contribution (up to certain limits) is deducted from your income when calculating your income tax liability.  If the amount of the allowable contribution is less than the amount of income that is subject to 41% tax, then you will effectively receive 41% tax relief on the contribution.


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