Claiming tax relief for an AVC made in 2021

J

JimmyB99

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If someone made a lump sum AVC in 2021 (outside the net pay arrangement), but forgot to claim tax relief on it - presumably, they've missed the opportunity to "carry back" to 2020 but they can still simply claim the relief against 2021 (i.e. the year it was actually paid)?
 
Cheers ClubMan,

Thanks for the confirmation and qualification.......that's not a slag......the qualification genuinely provides comfort!

As mentioned on another thread, my "go to" man is AWL so I end up second guessing myself and asking basic questions! Thanks again.
 
Similarish query. Took out public sector AVC in 2022. Weeklly contribution of €100p/w srarted half way through the year and made a single lump sum payment of €10,000 in March 2022.

My plan was to claim the 40% tax relief against my 2021 tax payment as I had made the contribution before October 31st. Am just doing my medical expenses claim for 2022 and requrested the statement from Irish Life about the single premium to add to the 2021 return. which I thought would be OK. But there is something on the statement that seems to go against me doing this and seems different from the advice above or maybe I am reading it wrong.

"If you are backdating all or part of your contribution to last year for tax rebate purposes it is vital that you make your claim to your Inspector of Taxes before the 31st October in the current year. Failure to do so will disqualify you from claiming tax rebate in respect of last year"

Certificate is dated 10th January so I am reading this that to be able to claim against the tax paid in 2021 I would have had to make the claim before 31st October 2022 but obviously I am only doing this now. Am I misinterpreting this?
 
You are reading the Irish Life statement correctly. Elections to back-date AVC tax relief to a previous year must generally be made by the online-filing deadline for that year, usually 31st October the following year.

There is one exception, allowing election by 31st Dec for pension contributions paid by 31st Oct in the year of retirement, see https://www.revenue.ie/en/tax-professionals/tdm/pensions/d-appendix3.pdf
 
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Thanks for the quick reply. Have messed up there - just trying to figure out now how much I will lose out. I think I know how it works but obviously no expert.

Salary last year 63,000, Age 47 so I think its 25% allowable for pension contributions 15750?
On my final payslip my main employee p[ension contributions come to 2750 and I have an ASC contribution of 1750 (assuming this has to be included too) so 4500. I asume this 4500 is first to come ogg the 15750?

My AVC contributions for which I already got tax relief totalled 3850

So the 4500 and 3850 comes to a total of 8350 that I have benefited from so instead of tax relied on the 10000 it will just be on 7400.? Would that be the likely situation.

I only found out lately about the need to take into account the tax relief on the non AVC bit of the contribution but assumed I would be OK as it could go into the 2021 tax year but just learnt not. Are my figures more or les what to expect?
 
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