Claim Tax Credit for AVC in current year

T

Tickle

Registered User
Messages
129
Revenue allows you to claim tax credits for an AVC in the current year for which relief has not been granted. It's under MyAccount -> Manage Your Tax 2020 -> Add new credits -> Claim Credits -> Additional Voluntary Contributions. You fill out a form with expected earnings for 2020 and the details of contributions this year. I'm a higher rate tax payer, but at the end of the form it stated that the tax credit on 100 euro AVC would be 20 euro, i.e. 20%. What gives? I was expecting this to be 40 as my expected earnings puts me into the higher tax band. I can't get it to give 40% tax credit no matter what figures I put in.

Any thoughts or experience with this?
 
Hi I did a top-up last year for the current year of 1000 euro. Spotted that to but figured it out.

They give you 20% credit as a standard tax credit and They increase my standard tax band by 1000 which of course I could only use if hit Higher rate
 
You must log in or register to reply here.
Back
Top