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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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790A Limit on earnings.

Notwithstanding anything in this Part, for the purposes of giving relief to an individual under—

(a) Chapter 1 of this Part in respect of an employee’s contribution to a retirement benefits scheme,

(b) Chapter 2 of this Part in respect of a qualifying premium under an annuity contract, and

(c) Chapter 2A of this Part in respect of a PRSA contribution,

the aggregate of the individual’s remuneration, within the meaning of Chapter 1, and net relevant earnings, within the meaning of Chapter 2 and 2A, shall not exceed €254,000.

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790A Limit on earnings.

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Notwithstanding anything in this Part, for the purposes of giving relief to an individual under—

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(1) Notwithstanding anything in this Part, for the purposes of giving relief to an individual under—

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(a) Chapter 1 in respect of an employee’s contribution to a retirement benefits scheme,

(b) Chapter 2 in respect of a qualifying premium under an annuity contract,

(c) Chapter 2A in respect of a PRSA contribution, and

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(d) Chapter 2B in respect of a contribution to an overseas pension plan,

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(d) Chapter 2B in respect of a contribution by a relevant migrant member to a qualifying overseas pension plan,

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the aggregate of the individual’s remuneration, within the meaning of Chapter 1 and that Chapter as applied by Chapter 2B, and net relevant earnings, within the meaning of Chapters 2 and 2A and those Chapters as applied by Chapter 2B, shall not exceed [5]>€254,000.<[5][5]>€254,000 (in this section referred to as the “earnings limit”).<[5]

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(2) For a year of assessment (in this subsection referred to as the “relevant year”) after the year of assessment 2006 the earnings limit shall be increased by an amount equivalent to the amount determined by the formula—

A × B

where—

A is the earnings limit for the year of assessment immediately preceding the relevant year, and

B is the earnings adjustment factor, designated in writing by the Minister for Finance in December of the year of assessment preceding the relevant year, a note of which shall be published as soon as practicable in the Iris Oifigiúil.

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(2) For a year of assessment (in this subsection referred to as the “relevant year”) after the year of assessment 2006 the earnings limit shall be an amount equivalent to the amount determined by the formula—

A × B

where—

A is the earnings limit for the year of assessment immediately preceding the relevant year, and

B is—

(i) the earnings adjustment factor which may be designated in writing by the Minister for Finance in December of the year of assessment preceding the relevant year, a note of which shall be published as soon as practicable in the Iris Oifigiúil, or

(ii) where no earnings adjustment factor is designated by the Minister for Finance, 1.

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(3) Notwithstanding subsection (2), for the purposes of subsection (1) the earnings limit for the year of assessment 2009 shall be €150,000.

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(4) Notwithstanding subsection (2), for the purposes of subsection (1) the earnings limit for the year of assessment 2011 shall be €115,000.

(5) Notwithstanding subsection (2), for the purposes of subsection (1) the earnings limit for the year of assessment 2010 shall be deemed to be €115,000 for the purpose of determining how much of a contribution or qualifying premium, as the case may be, paid by an employee or an individual in the year of assessment 2011, is to be treated by virtue of section 774(8), 776(3), 787(7) or 787C(3), as the case may be, as paid in the year of assessment 2010.

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Inserted by FA03 s14(1)(e). Shall be taken to have come into force and has effect as on and from 1 January 2002, but shall not apply in respect of any employee’s contribution, qualifying premium or PRSA contribution made before 4 December 2002.

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Substituted by FA05 s21(1)(e)(i). Applies as on and from 1 January 2005.

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Renumbered by FA06 s14(1)(f)(i)(I).

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Substituted by FA06 s14(1)(f)(i)(II).

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Substituted by FA06 s14(1)(f)(i)(III).

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Inserted by FA06 s14(1)(f)(i)(IV).

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Substituted by F(No.2)A08 s16(1)(b)(i). This section is deemed to have effect as on and from 1 January 2006.

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Inserted by F(No.2)A08 s16(1)(b)(ii). This section has effect as on and from 1 January 2009.

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Inserted by FA11 s19(4)(a). Has effect as on and from 1 January 2011.