Revenue Precedents

The earliest retirement age for jockeys is aged 50. PREC/12

Income payable under an approved Permanent Health Benefit policy is regarded as relevant earnings for RAC purposes if the contributions to the scheme are not maintained by the policy. PREC/18

An employer can pay retirement annuity premiums on behalf of the employee but it is chargeable to PAYE, PRSI and Levies. Relief is due to the individual subject to the 15% limit. PREC/13

Income which qualifies for the artists’ exemption is not “ chargeable to tax” and is not a source of relevant earnings so the individual is not entitled to affect an RAC. PREC/14

If an individual goes abroad on a temporary basis ( for periods up to 3 years) and it is clear that the intention is to return and resume in the occupation which constituted the source of relevant earnings then premiums can continue to be paid after the individual becomes non resident. The life office should advise Retirement Benefits District of individual cases. PREC/15

Funds cannot be transferred between Retirement annuity contracts except at the point of maturity as outlined in section 786 of TCA97. PREC/16

Relevant earnings are not reduced to take account of income earned outside the State. PREC

What is the earliest retirement age for different classes of occupations under retirement annuity contracts? Badminton Players, Boxers, Cricketers, Croupiers, Cyclists, Dancers, Divers, Footballers, Golfers (Tournament earnings), Jockeys Flat racing and National Hunt, Motor Cylclist (Competitive), 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. PREC/17