Top up your pension savings and get up to 40% tax back
How does it work?Did you know, you might be able to claim relief on your 2022 income tax by making a once-off payment into your pension? The closing date for claiming tax relief is 31 October. As 31 October is a Bank Holiday this year, your payment and your tax relief claim would need to be made before Friday, 27 October 2023. This once-off payment is also known as an AVC or Additional Voluntary Contribution. |
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Example |
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Let’s look at an example, say you are in the marginal tax bracket (paying 40% income tax) and want to top up your pension with an AVC of €1,000: | |||||||
Pension pot topped up with €1,000 |
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Claim your tax back €400 |
Actual cost to you €600 |
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Note that the granting of tax relief is at the discretion of your local Inspector of Taxes and is not guaranteed. | |||||||
What does that mean for you?In the example above, your pension savings get the full €1,000 top up, which is invested in your pension pot until you retire. This year, 2023, you get to claim back at your marginal tax rate of 40%. That’s €400 back in your pocket. Which means it only actually cost you €600 to top up your pension by €1,000. |
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File deadline for ROS customersIf you pay and file through ROS the deadline is Wednesday, 15 November 2023. Further information can be found at Revenue. |
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What are the next steps?Important things to consider before you make a payment to qualify for tax relief:
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Click on the images below to see a larger version of the step by step guide | |||||||
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Top Up FormComplete the top up form and send the payment to us, by cheque or bank transfer. |