I understand that the annual earnings limit for pension purposes has been reduced from €150,000 to €115,000 with effect from 1 January, 2011 under the 2011 Finance Act. The Act also provided that the annual earnings limit for the year of assessment of 2010 will also be deemed to be €115,000 for the purpose of determining how much of a pension contribution paid by an individual in the year of assessment 2011 will be treated as paid in 2010, where the individual elects under existing rules to have 2011 contributions set against the 2010 tax return.
My question please - is the above still the case, or has the position re backdating been changed / softened? I thought I read somewhere that the €115,000 limit was not going to be implemented (by Revenue concession?) when backdating 2011 pension contributions to 2010, that one could back date 2011 contributions (up to 31.10.11) and still avail of the €150,000 annual earnings limit?
Any advice / direction greatly appreciated
My question please - is the above still the case, or has the position re backdating been changed / softened? I thought I read somewhere that the €115,000 limit was not going to be implemented (by Revenue concession?) when backdating 2011 pension contributions to 2010, that one could back date 2011 contributions (up to 31.10.11) and still avail of the €150,000 annual earnings limit?
Any advice / direction greatly appreciated