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Old 25.07.2007, 11:56
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2nd Pillar and Tax

Hi

Based on this thread but with a twist.

Is it possible to pay in for example 10K into a company pension (2iem Pillier) and withdraw money already paid in from the same 2iem pillier (pension) in the same tax year whilst still being able to reduce taxable income (having never withdrawn anything from the pension in the past).

Thanks in advance Richard
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Old 25.07.2007, 12:50
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Re: 2nd Pillar and Tax

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Hi

Based on this thread but with a twist.

Is it possible to pay in for example 10K into a company pension (2iem Pillier) and withdraw money already paid in from the same 2iem pillier (pension) in the same tax year whilst still being able to reduce taxable income (having never withdrawn anything from the pension in the past).

Thanks in advance Richard
No, urgh maybe, urgh yes urgh I don't quite get the question. So let me just explain...

No: You can view a pension scheme as a black hole. Once the money is paid in it stays in. You cannot put in and pull it out at random.
Maybe: You can withdraw from a pension scheme for specific reasons. Such as house purchase, company formation etc. You can pay in and withdraw for these reasons in the same year. If the time between the events of paying and withdrawing is short the tax boys are going to come a knocking.
Yes: You can also pay into a pension scheme and then withdraw from the scheme in the same year if you have justification and you have a good length of time between the two events and the amount you pay into your pension scheme is not a substantial sum of money(in relation to the amount in your scheme and your earnings).

Thanks in advance accepted however I am now collecting reputation and not thanks. That is the scale at the top of the post...
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Old 25.07.2007, 13:19
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Re: 2nd Pillar and Tax

Thanks (expressed as 1 reputation pont)
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