You will be aware that the 31st October tax deadline is fast approaching, and now is the time to remind pension scheme members in your company of how they may be able to reduce last year’s tax bill and increase pension savings at the same time.

All they have to do to avail of this opportunity is to pay a once off voluntary contribution into their pension fund, and also send their personal tax return to their local inspector of taxes before 31st October 2014. They may then be allowed to offset this payment against last year’s tax bill. The decision on whether to grant tax relief is at the discretion of the local inspector of taxes and cannot be guaranteed.

We have produced a brochure and top-up form that explains in detail the tax advantages, how the process works and what steps the person needs to follow. The brochure also includes an application form which members simply need to fill in and return with their cheque to Irish Life Corporate Business.

To ensure that Revenue deadlines are met, it is essential members send the payments to Irish Life Corporate Business as early as they can. Irish Life Corporate Business will send out a tax certificate directly to employees within ten working days of receiving their payment. This certificate can then be included with the tax return, or may be retained as proof of payment for Revenue. However, the payment must be received by Irish Life Corporate Business and a tax return must be made to the local inspector of taxes by 31st October, if the member wants to claim tax relief for the 2013 tax year.

If you would like a supply of printed brochures please let us know by return email. Alternatively, the brochure and application form is also available on our website.