Contributions
Pensions and Deferred Taxed Income Personal pension schemes (retirement annuity accounts) and PRSAs enjoy significant tax advantages. Contributions to these pension schemes / vehicles are allowed as a deduction for income tax purposes, thereby affording relief at the holder’s top rate of tax. These reliefs have been curtailed, but largely remain in place. The funds / policies themselves also benefit from exemption from most taxes. Accordingly, the fund accumulates tax free. There was a levy on funds during the financial […]