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PRSA Credit for an idiot

  • 23-10-2020 8:58am
    #1
    Wildly Boaring
    Registered Users, Registered Users 2 Posts: 3,653 ✭✭✭


    Any simple explanation as to what is going on here with PRSA credits

    Are the 2 related?

    My understanding of PRSA contributions (if not taken at source) are that they should be a tax credit.

    Any reason why some are gone against the 20% rate?

    Also these appear to have been carried from last year, I have paid no PRSAs this year, yet.

    530260.JPG


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,766 ✭✭✭✭Geuze


    The treatment is correct.

    To give you 40% tax relief, they do two things.

    They increase your SRCOP, saving you 20% tax on the contribution.

    Then they give you a tax credit of 1/5 of the contribution.


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 13,766 ✭✭✭✭Geuze


    You will note the same treatment applied to the flat-rate expenses.


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