Perhaps the biggest tax break available to the PAYE worker is the tax relief for investing in a pension.
At its simplest, the tax relief on pensions means that if you pay tax at the 20pc rate then you can get 20pc off the money you put into your pension.
If you are taxed at the higher 41pc rate, then you get tax relief at this rate.
For self-employed people with large tax bills the Pension is just or even more important.
With Irish Life ,Zurich and Aviva introducing new funds and their own low to medium risk funds returning 9% per year, a personal pension is a must do.Advantages of your pension:
*A nest egg for retiremmt
*You won’t survive on state pension(if it’s still here)
*An enjoyable retirement
*Clear your outstanding mortgage.
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