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Personal Retirement Scheme Rules 2015

 

Legal notice 117 of 2015 has been recently introduced covering Amendments to the Personal Retirement Scheme Rules issued in 2015. In summary these rules provide for a tax credit with respect to any personal retirement scheme or policy of insurance. The synopsis of these rules are listed below:

  • A tax credit is given to any person who is a member of, and makes contributions to, any one or more personal retirement schemes or pays a premium in relation to a policy of insurance in the year immediately preceding the year of assessment
  • The amount of the income tax so chargeable shall be reduced by the amount of the tax credit, which tax credit is calculated as follows:

the lower of:

  1. a.fifteen percent (15%) of the aggregate of any contributions made or premiums paid by a person during the year immediately preceding a year of assessment in respect of membership in any personal retirement schemes or a policy of insurance held with a company authorised to carry on long term business; and
  2. b.one hundred and fifty euro (€150) or such other amount as may be prescribed by the Minister from time to time
  • The legal notice states that the maximum amount of tax credit shall be three hundred euro (€300) for the year 2015
  • The tax credit shall only be allowed in respect of qualifying schemes or policies of insurance as may be prescribed by the Commissioner and if the details of such person and amounts contributed by him to the personal retirement scheme/s or the premiums paid by him in relation to the policy of insurance in the relevant year are confirmed by a certificate issued by a licence holder in such format and content as determined by the Commissioner