897A Returns by employers in relation to pension products

Summary

This section requires employers to return statistical details in relation to tax relief for contributions to pension arrangements provided to employees through payroll systems. The information required is returned along with the PAYE details employers are required to provide to Revenue under section 985G(2) and the Income Tax Regulations 2018.

Details

(1) The payments and contributions to pension arrangements which are subject to the reporting are —

• employee contributions to occupational pension schemes which qualify for tax relief;
• employer contributions to such schemes which are tax deductible;
• employee contributions to PRSAs which qualify for tax relief;
• employer contributions to PRSAs which are treated as if made by the employee; and
• contributions to retirement annuity contracts (RACs) which are made by employees but which are deducted from the remuneration of employees by employers.

(2) Employers are required to include additional details on the notification to Revenue required under section 985G(2). This notification is required on or before the making of a payment of any emoluments under the PAYE system. The additional details to be included are —

• the respective amounts of employee pension contribution, employee PRSA contribution, retirement annuity contract (RAC) premium and additional superannuation contribution (ASC) deductions from emoluments; and
• the respective amounts of employer pension contributions and employer PRSA contributions.

(3) The penalty provisions of section 1052 and 1054 are applied for a failure to make the notification provided for by this section.

Relevant Date: Finance Act 2019