Friday 31st October 2008 is the final date to pay a pension premium and elect to backdate the tax relief into the previous tax year.
The date for filing the tax return and payment of tax due will be extended to Monday 17th November 2008 where both are made through Revenue On-line Service (ROS). If a client qualifies for this extension they also have until 17th November to make a pension contribution.
Clients don’t have the option to defer. If they don’t take this opportunity, they will not get another chance to reduce their 2007 income tax liability. And remember there is a range of investment options available to suit everyone from the cautious investor looking for security, to the more gung-ho investor looking for value in current market conditions.
Who Files a Self-Assessment Tax Return?
The self employed, proprietary directors (those who own more than 15
30 to 39 20
50 to 54 30
60 and over 40%
1. The above limits include any employer contributions made to a PRSA.
2. For contributions set against 2007 earnings, an earnings cap of EUR 262,382 applies for tax relief
purposes to aggregate contributions to PRSAs, RACs and employee/AVC contributions to
occupational pension schemes. For relief against 2008 earnings the cap increased to EUR 275,239.
The earnings cap does not apply to employer contributions to occupational pension schemes.
3. For Occupational Pension Schemes the total contribution (Employer and Employee) must be
within overall Revenue maximum contribution levels.
