The “potential for abuse”, a severing of an all-important “link between salary and pension”, and a serious “exposure for the Exchequer” by missing out on taxes on salaries. These were some of the warnings raised in 2023 by a small cohort of pensions and taxation experts within Revenue that an unintended loophole was created when Personal Retirement Savings Accounts (PRSA) changes were introduced into law in January 2023. The benefit-in-kind (BIK) charge on employer contributions to an employee’s PRSA pension pot was removed through the Finance Act 2022. This was meant to create a level playing field for pensions and…
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