Your plan is 1295.95 I guessMy pay is €100,000 annually.
I see an update from Revenue that they have added the income continuance credit.
When I click on "Manage taxes in current year", I see a different tax credits such as:
Employee tax credit: €2000.
Personal Tax Credit (shared): €4000.
The income continuance tax credit is showed as: €259.19. Would this knock off €43 a month?
The €259.19 doesn't make sense to me. Please help.
My pay is reduced by €20 this time (salary is paid fortnightly). I believe it's due to not having the income protection tax credit. I will check again after 2 weeks.My wife is PAYE and she was asked to supply proof of policy via my enquiries. I think this was 2 January and she sent off the pdf.
She had a payroll run earlier this week and her credits and SRCOP weren’t updated in her payslip.
I will ask her to check if this has been rectified.
So that's why I am seeing €259 tax credit right now.Your plan is 1295.95 I guess
There is no 1000 limit like other mentioned. That is incorrect
The relief is given in 2 parts
Your standard rate cut off point is Increased by the total amount of the plan eg 1295
And also 20% of that is given back as a credit
Therefore if you earn over 44k you will get 40% back over the year or 20% if you earn less than 44k
If your standard rate cut off is 44000 then it goes to 40% if you earn above 3.6k gross a month (or break down by week if weekly paid)So that's why I am seeing €259 tax credit right now.
Would it automatically go to €518 (40%) once I cross 44k this year (perhaps in June 2025)?
Please note Personal Tax Credit (shared) was €4000 before and after applying the income continuance tax credit. I took a screenshot before and after.