Totally confused on this.....
per Revenue leaflet it states...
Contribution limit
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]The annual earnings limit which (along with age-related percentage limits) determine maximum tax-relievable contributions for pension purposes is being reduced from €150,000 to €115,000 for 2011. The annual earnings limit for 2010 will also be deemed to be €115,000 for the purpose of determining how much of a pension contribution paid by an individual in 2011 will be treated as paid in 2010, where the individual elects under existing rules to have it so treated. [/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]What does this mean in plain English.[/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]Does it mean that someone earning over €115,000 in 2011 loses all pension relief over the €115,000 threshold ?[/FONT][/FONT]
Also, all this stuff about " paid by an individual in 2011 will be treated as paid in 2010, " What is that all about ? Totally confused.
Sorry if this has been dealt with already but cannot find any thred on it.
Thanks.
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]
per Revenue leaflet it states...
Contribution limit
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]The annual earnings limit which (along with age-related percentage limits) determine maximum tax-relievable contributions for pension purposes is being reduced from €150,000 to €115,000 for 2011. The annual earnings limit for 2010 will also be deemed to be €115,000 for the purpose of determining how much of a pension contribution paid by an individual in 2011 will be treated as paid in 2010, where the individual elects under existing rules to have it so treated. [/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]What does this mean in plain English.[/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]
[FONT=Verdana,Verdana][FONT=Verdana,Verdana]Does it mean that someone earning over €115,000 in 2011 loses all pension relief over the €115,000 threshold ?[/FONT][/FONT]
Also, all this stuff about " paid by an individual in 2011 will be treated as paid in 2010, " What is that all about ? Totally confused.
Sorry if this has been dealt with already but cannot find any thred on it.
Thanks.
[FONT=Verdana,Verdana][FONT=Verdana,Verdana][/FONT][/FONT]