Tax Relief for Multiple AVCs in 2024

FinancialExile

FinancialExile

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I had a look at the Revenue documentation online, but I couldn't find a definitive answer for this question.

I will be in receipt of several lump sum payments this year from RSUs related to my employment which I plan to use to contribute AVCs my defined contribution occupational pension scheme. I am receiving the money in two lump sums throughout the year. Is it possible to claim tax relief twice on multiple AVCs in a given year, or do I have to wait and claim tax relief all at once at the end of the year? I am a PAYE taxpayer and use the Revenue MyAccount website to claim tax credits. I would love to get the tax relief immediately for the first AVC payment rather than save the money for twelve months and make one payment (and claim tax relief once for 2024). That way I don't miss out on months of investment at higher average returns than a savings account. Is this possible?
 
Thanks. In that case, maybe I should have put the money in a savings account to at least earn interest until the end of the year.

I don't earn more than 5K in non-PAYE income from my RSUs. They are taxed as income at source (shares are sold to cover on my behalf). I occasionally have small capital gains, but I'm not sure those count, and they are less than 5K anyway. There is no way I'm volunteering for self-assessment.
 
For any AVCs you can either have your tax credits adjusted to get the tax relief directly from your wages up to the end of the current tax year, or you can claim a tax refund at the start of the next tax year.
 
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Thanks...I didn't consider that angle. I assumed that only the tax relief related to my monthly employee contribution could be applied at source in my wages. That is certainly better than waiting until the following year.
 
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