AVC lump sum

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Ava2016

Registered User
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Is it too late to open an avc account now and contribute a lump sum to it to gain some tax relief this year? Due to retire end of next year and have some cash savings. I read an article that this would be a tax efficient way of adding to my lump sum at retirement and get a tax refund on the contribution this year.
Is the deadline 31st October?
Any advice appreciated.
 
Ava2016 said:
Is it too late to open an avc account now and contribute a lump sum to it to gain some tax relief this year? Due to retire end of next year and have some cash savings. I read an article that this would be a tax efficient way of adding to my lump sum at retirement and get a tax refund on the contribution this year.
Is the deadline 31st October?
Any advice appreciated.
Click to expand...
Its the 31st of Oct or 12th Nov for ROS for your 2018 returns. So if you make a lump sum payment now you can claim tax relief on your 2018 returns. You can do another lump sum payment this year and claim it against your 2019 tax year.
 
Thank you for that . How do I go about setting up an AVC account? I am a PAYE worker so do I still have until the 12th of November with revenue online for the 2018 returns?
 
Your employer may have one otherwise contact a broker or pension provider directly. Google it.

Yes as a PAYE worker you self assess. Just send confirmation of the payment of your premium and revenue will issue you a refund cheque. Be aware of the max limits applicable to your age. Again google them you will find them on pensioo website. Contact revenue for relevant date. If you do it via ROS you have until 12th Nov but you have to register and it can take time.
 
Ava2016 said:
Thank you for that . How do I go about setting up an AVC account? I am a PAYE worker so do I still have until the 12th of November with revenue online for the 2018 returns?
Click to expand...

If you want to make an AVC payment, you will already be part of an employer pension scheme. You can just put the money into that scheme.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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