Key Post: Claiming prsi relief on standalone prsa contrib

I think that I did this before - i.e. made the contribution on/before 31st October but only contacted them after this date for the reclaim against the previous year's tax. But maybe I'm mistaken (don't think so though) or they are just more strict now or something? Somebody here may be able to cite the relevant tax legislation/guidelines but if not ask Revenue.

RGOMTs said:

I know this was posted a while ago (in 2007) but I am getting a different story now from the Revenue.

I made an AVC to my pension fund last month (prior to the 31-Oct-2011 deadline) with a view to back-dating it to maximise my tax relief in 2010. I sent a letter to Revenue 07-Nov-2011 but they are refusing to allow me claim tax relief in 2010 because I did not notify them prior to 31-Oct-2011.

Has anyone else come across this issue? Do I have any come back?

Click to expand...

did you do a tax return for 2010 showing the AVC paid in 2011 but for 2010? If not I guess that could be the problem. There's one think doing the AVC but you still have to notify the revenue...

S.

Come to think of it I may have made the pension contribution on the 31st and then ran down to the tax office and handed in the claim for relief in person. That rings a bell. I think it was the time that the person in Revenue told me that I was not eligible to such relief because I was not self employed. I had to ask her to go off and check and she came back surprised that I was. "You learn something every day" she said casually!

Apologies if my earlier post was misleading!

Claiming back PRSI

Hi All
I have previously claimed refunds of PRSI on PRSA contributions in 2008 and 2009

I have yet to claim for 2010 or 2011
I have my P21 balancing statement for both years

However it seems that since 2011 the Govt no longer allows PRSI refunds any more?
Is this correct?

Am I still allowed to claim for 2010?
What about for 2011?

Thanks in Advance

You're correct. Finance Bill 2011 withdrew PRSI relief from 2011 onwards. Anything from 2010 back was unaffected.

Liam D. Ferguson

Liam, apologies if this is posted elsewhere, but is there anywhere I can find a summary of the steps needed to be followed with regard to claiming back tax relief / PRSI on PRSA AVC contributions. My employer will only do this (through pay roll) for specific PRSA providers / brokers, but the set-up & management fees that these PRSA providers charge is exhorbitant. Therefore, I've done the research on my own private contribution PRSA AVC and would really like to get it up and running this year....the only thing that is putting me off, is the potential hassle in trying to claim tax / PRSI relief back from Revenue. Basically what I was looking for was a summary of what is involved in getting the tax refund e.g. what Revenue Form is used, when does this form need to be submitted to Revenue, do you claim relief for the previous tax year etc. Really appreciate any guidance you (or any other posters) could give on this matter.

When you start an AVC PRSA, you receive a document called a "PRSA 2 AVC" certificate from the PRSA company with your policy documents. This confirms the amount(s) and date(s) of payment.

If you're making a regular contribution, you send this certificate to your local Inspector of Taxes and they should increase your Tax Credits.

If you make a once-off lump sum, you would complete a tax return after the end of the relevant tax year.

You have until end October 2013 to make a lump sum AVC PRSA contribution in respect of 2012 tax year, provided that you also file your tax return for 2012 before the end of October 2012. If you're filing your tax return online using www.ros.ie you get an extension of a couple of weeks.

Thanks for the response Liam.