787E Extent of relief.

(1) Subject to this section, the amount which may be deducted or set off in any year in respect of contributions made by, or deemed in accordance with subsection (2) to have been made by, an individual to one or more PRSA products, hereafter in this section referred to as the maximum allowable contribution, shall not be more than—

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(a) in the case of an individual who at any time during the year of assessment was of the age of 30 years or over but had not attained the age of 40, 25 per cent,

(b) in the case of an individual who at any time during the year of assessment was of the age of 40 years or over or who for the year of assessment was a specified individual, 30 per cent,

(c) in any other case, 15 per cent,

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(a) in the case of an individual who at any time during the year of assessment was of the age 30 years or over but had not attained the age of 40 years, 20 per cent,

(b) in the case of an individual who at any time during the year of assessment was of the age 40 years or over but had not attained the age of 50 years, 25 per cent,

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(c) in the case of an individual who at any time during the year of assessment was of the age 50 years or over or who for the year of assessment was a specified individual, 30 per cent,

and

(d) in any other case, 15 per cent,

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(c) in the case of an individual who at any time during the year of assessment was of the age of 50 years or over but had not attained the age of 55 years or who for the year of assessment was a specified individual, 30 per cent,

(d) in the case of an individual who at any time during the year of assessment was of the age of 55 years or over but had not attained the age of 60 years, 35 per cent,

(e) in the case of an individual who at any time during the year of assessment was of the age of 60 years or over, 40 per cent, and

(f) in any other case, 15 per cent,

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of the individual’s net relevant earnings for that year of assessment.

(2) Where for a year of assessment a sum is chargeable to tax in accordance with section 118(5) in respect of a contribution by an employer to a PRSA, the employee shall, in addition to any contributions actually made by the employee, be deemed, for the purposes of this section, to have made contributions to the said PRSA in that year of assessment equal to such sum.

(3) ^[3]>Where during a year of assessment an individual is a member either of an approved scheme or of a statutory scheme (hereafter in this subsection referred to as a “scheme”) in relation to an office or employment,^<[3][3]>Where during a year of assessment an individual is a member either of an approved scheme or of a statutory scheme (hereafter referred to as a “scheme”) in relation to an office or employment, not being a scheme under which the benefits provided in respect of that service are limited to benefits of a kind referred to in paragraphs (b) and (c) of section 772(3), including any similar benefit provided under a statutory scheme established under a public statute,^<[3] the following provisions shall apply, that is to say—

(a) relief shall be allowed under this Chapter as regards relevant earnings from that office or employment only in respect of contributions that are additional voluntary PRSA contributions,

(b) notwithstanding subsection (1), the amount which may be deducted or set off in that year of assessment in respect of such contributions against the individual’s net relevant earnings from that office or employment shall not be more than—

(i) in the case of an individual who at any time during the year of assessment was of the age of 30 years or over but had not attained the age of 40 years, 20 per cent,

(ii) in the case of an individual who at any time during the year of assessment was of the age of 40 years or over but had not attained the age of 50 years, 25 per cent,

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(iii) in the case of an individual who at any time during the year of assessment was of the age of 50 years or over, 30 per cent, and

(iv) in any other case, 15 per cent,

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(iii) in the case of an individual who at any time during the year of assessment was of the age of 50 years or over but had not attained the age of 55 years, 30 per cent,

(iv) in the case of an individual who at any time during the year of assessment was of the age of 55 years or over but had not attained the age of 60 years, 35 per cent,

(v) in the case of an individual who at any time during the year of assessment was of the age of 60 years or over, 40 per cent, and

(vi) in any other case, 15 per cent,

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of the remuneration for that year of the office or employment in respect of which the contributions are made, reduced by the amount of any contributions of the individual in the year to any scheme related to the office or employment of which he or she is a member,

(c) the amount of the net relevant earnings of the individual in respect of which any other PRSA contributions are to be deducted or set off shall be reduced by the amount of the remuneration from such office or employment, and

(d) notwithstanding sections 787K and 787L, the aggregate benefits under—

(i) all schemes, of which the individual is a member, related to the office or employment, and

(ii) all Personal Retirement Savings Accounts to which the individual is the contributor of additional voluntary PRSA contributions,

shall not exceed the maximum benefits that could be provided for the individual by reference to section 772.

(4) Notwithstanding subsection (1), where the maximum allowable contribution would but for this subsection be less than €1,525, subsection (1) shall apply as if the said maximum allowable contribution were €1,525.

(5) Where an individual is entitled to relief for a year of assessment under Chapter 2 of this Part in respect of a qualifying premium, the maximum allowable contribution for that year of assessment, other than additional voluntary PRSA contributions, shall be reduced by the amount of such relief.