Section 790A Annual limit on contributions
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Amendments
Section 790A substituted by Finance Act 2005 section 21(1)(e)(i) as on and from 1 January 2005.
Tax Relief for Pension Contributions: Application of Earnings Limit: Tax Briefing Issue 74 - 2009
[(1)]1 Notwithstanding anything this Part, for the purposes of giving relief to an individual under―
(a) Chapter 1 in respect of an employee's contribution to a retirement benefits scheme,
(b) Chapter 2 in respect of a qualifying premium under an annuity contract,
(c) Chapter 2A in respect of a PRSA contribution, and
[(d) Chapter 2B in respect of a contribution by a relevant migrant member to a qualifying overseas pension plan,]2
the aggregate of the individual's remuneration, within the meaning of Chapter 1 and that Chapter as applied by Chapter 2B, and net relevant earnings, within the meaning of Chapters 2 and 2A and those Chapters as applied by Chapter 2B, shall not exceed [€254,000, in this section referred to as the "earnings limit".]3
Amendments
1 Renumbered by Finance Act 2006 section 14(1)(f)(i)(I) from 1 January 2006.
2 Para (d) substituted by Finance Act 2006 section 14(1)(f)(i)(II) from 1 January 2006.
3 Substituted by Finance Act 2006 section 14(1)(f)(i)(III) from 1 January 2006.
Is there an overall limit to the earnings I can get pension relief on?
(1) €254,000, as indexed in line with the earnings adjustment factor (see (2)), is the overall annual limit for your pension contributions (as an individual), whether made to an employee pension scheme, a self-employed pension contract, a PRSA, or ...
(2) For a year of assessment (in this subsection referred to as the "relevant year") after the year of assessment 2006 the earnings limit shall be an amount equivalent to the amount determined by the formula—
A x B
where—
A is the earnings limit for the year of assessment immediately preceding the relevant year, and
B is—
(i) the earnings adjustment factor which may be designated in writing by the Minister for Finance in December of the year of assessment preceding the relevant year, a note of which shall be published as soon as practicable in the Iris Oifigiúil, or
(ii) where no earnings adjustment factor is designated by the Minister for Finance, 1.
Amendments
Subs (2) substituted by Finance (No. 2) Act 2008 section 16(1)(b)(i) as on and from 1 January 2006.
(3) Notwithstanding subsection (2), for the purposes of subsection (1) the earnings limit for the year of assessment 2009 shall be €150,000.
Amendments
Subs (3) inserted by Finance (No. 2) Act 2008 section 16(1)(b)(ii) from 1 January 2009.
