Taxes Consolidation Act 1997 section 848Y

Entitlement to pension tax credit

Section 848Y sets out the entitlement to a pension tax credit where an individual has made a declaration, and has provided the pension administrator with the required maturity statement and pension subscription.

• An individual must have made a declaration under the PRSA maturity provisions and furnished a maturity statement and pension subscription to the administrator.
• Once the pension subscription becomes irrevocable, the individual is treated as having paid a grossed up amount to the administrator — that is, an amount which, after deducting income tax at 25 per cent, leaves the pension subscription amount.
• The individual is entitled to be credited with the income tax treated as deducted (the "tax credit") under the provisions of this Part only, and not under any other provision of the Tax Acts.
• The entitlement to the tax credit is subject to the further conditions and restrictions set out in section 848Z.