Retirement Annuities
12/12/1988
Query
Normal Retirement Age Musicians.
Decision
Earliest age for retirement is 60 with the exception of brass instrumentalists. who can retire from age 55.
Income Tax
Section 784, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC
07/03/1990
Query
What is the earlies retirement age for Jockeys?
Decision
Age 50.
Corporation Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/12
28/03/1991
Query
Is income payable under an approved Permanent Health Benefit policy regarded as relevant earnings for RAC purposes?
Decision
Yes.if the contributions to the scheme are not maintained by the policy..
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/18
19/09/1991
Query
Can an employer pay retirement annuity premiums on behalf of the employee?
Decision
Yes,but it is chargeable to Paye Prsi and Levies.Releif is due to the individual subject to the 15% limit.
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/13
23/01/1992
Query
Is income which qualifies for the artists exemption regarded as relevant earnings for the purpose of an R A C?
Decision
Such income is not " chargeable to tax". As there is not a source of relevant earnings the individual is nit entitled to effect an R A C .
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/14
21/02/1992
Query
Can premiums continue to be paid after the individual becomes non resident ?
Decision
Only where the individual goes abroad on a temporary basis ( for periods up to 3 years) and it must be clear that the intention is to return and resume in the occupation which constituted the source of relevant earnings. The life office should advise Retirement Benefits District of individual cases.
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/15
11/04/1994
Query
Can funds be transferred between Retirement annuity contracts?.
Decision
No, except at the point of maturity as outlined in Section 786 of TCA.
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/16
05/02/1996
Query
Is the figure for relevant earnings reduced by virtue of the deduction for Income earned outside the State . (Sec 823 TCA.)
Decision
No .Relevant earnings not reduced to take account of income earned outside the State.
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC
19/01/1998
Query
What is the earliest retirement age for different classes of occupations under retirement annuity contracts?
Decision
Badminton Players, Boxers,Cricketers,Croupiers,Cyclists, Dancers, Divers, Footballers,Golfers (Tournament earnings),Jockeys Flat racing and National Hunt,Motor Cylclist (Competitve),Motor racing drivers,Off shore Riggers,Rugby players(professional),Speedway Riders,Squash players,Table Tennis Players,Tennis Players,Trapeze Artists, Wrestlers can retire at 50. Air Pilots,Brass Instrumentalists,Distant Water trawlermen,Firemen (Part-time),Inshore fishermen,Moneybroker dealers,Singers can retire at 55.
Income Tax
Section 783, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:PREC/17