Is it possible to start up a pension this year 2013 and make a contribution against your earnings for 2012 and claim the tax or do you have to have the pension set up in 2012 in order to do this.
Similar question, I started and contributed to a self-directed AVC PRSA before the 15th Nov deadline in 2012 (looking for tax relief from 2011) however revenue are being awkward regarding the paperwork and have not granted tax relief yet. If the tax relief was not granted before the deadline will it be granted retrospectively?
Revenue say that you must have the pension set up in the year you want to cliam the relief. Therefore you cant set up up pension in 2012 and get relief on your earnings in in 2011. However some pension advisors seem to differ with this view. It is very difficult to get an ajudication on this matter.
If you are a member of a Defined Contribution or Defined Benefit (both employer schemes) scheme you may take out a AVC which means that you can back date your contribution to the previous year. This must be done by the self assessment deadline of Oct 31st.
If you are not a member of an employer scheme you cannot back date your contribution to the previous year.
Thanks fo the information Baracuda. On further research with one of the pension providers I am informed that it is possible to set up a personal pension (not a PRSA apparently) against your income for 2012 and claim tax relief. The statement regarding AVC is valid as well. This is what I am told but I guess anyone doing this should seek their own advise in the matter.