reclaiming tax back on my pension

B

bert

Guest
what is the easiest way to claim tax back on my private pension. do i have to contact my pension provider and ask for an Rac cert and then send it to inland revenue. I have been doining this on and off over the years. how can i varify that I have claimed all the tax back that i am entitled to
 
> do i have to contact my pension provider and ask for an Rac cert and then send it to inland revenue.

You should only need to do this for once off payments/top-ups etc. For regular contributions the relevant form (e.g. RAC cert, PRSA1 cert etc.) and a letter to Revenue should result in your tax credits being reviewed to grant you tax relief on the "standalone" contributions. For once off payments or top-ups you can simply write to Revenue with the details and they will probably refund tax as a lump sum. That's the way that I've always done it anyway. Are you sure that you meant Inland Revenue and not Revenue? If so perhaps you are in the UK in which case things might work differently there compared to here in Ireland?

> how can i varify that I have claimed all the tax back that i am entitled to

You are entitled to full tax relief at your marginal rate (20% or 42%) on amounts up to the relevant age related pension tax relief limit (or 42% on whatever amount you paid 42% tax on and 20% on the balance):



You should also be entitled to PRSI relief which you claim back from Social Welfare but they are still not processing such claims as far as I know:
 
tax back

yes but......

on my rac certs, they give a certificate of money lodged to my account up to a certain date.

do i have to get an rac cert for every time i change my contributions.

imconfused
 
tax back

I can't remember but I thought that pension providers issue updated RAC certs when your regular or lump sum contributions change? I know that this happens with PRSAs - i.e. they issue an amended PRSA1 cert if you change the contribution amounts.
 
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