Hi there.
I started a PRSA pension in May this year. I made a lump sum contribution into this PRSA to kick things off and I also set up monthly direct debits going forward.
I have a rental apartment and so therefore need to do an annual Revenue self assessment Tax Return.
I was under the impression that when I submit my income figures for my 2023 Tax return that I could allocate the lump sump contribution I made to my PRSA to my 2023 tax return and claim the relevant tax relief?
I was also under the impression that my monthly contributions build up and I will include that figure in my 2024 Tax return for tax relief.
My account advised me as the policy was not set up during 2023 I can not allocate any of my PRSA contributions for tax relief in my 2023 tax return.
Is this correct?
Any advice, or references would be much appreciated.
Thank you
I started a PRSA pension in May this year. I made a lump sum contribution into this PRSA to kick things off and I also set up monthly direct debits going forward.
I have a rental apartment and so therefore need to do an annual Revenue self assessment Tax Return.
I was under the impression that when I submit my income figures for my 2023 Tax return that I could allocate the lump sump contribution I made to my PRSA to my 2023 tax return and claim the relevant tax relief?
I was also under the impression that my monthly contributions build up and I will include that figure in my 2024 Tax return for tax relief.
My account advised me as the policy was not set up during 2023 I can not allocate any of my PRSA contributions for tax relief in my 2023 tax return.
Is this correct?
Any advice, or references would be much appreciated.
Thank you