Dáil Éireann Debate, Tuesday - 22 March 2022
261. Deputy Bernard J. Durkan asked the Minister for Finance the reason an annuity pension in the case of a person (details supplied) appears to be taxed at a higher rate; if a review will be undertaken to ensure that they are paying the correct rate; and if he will make a statement on the matter. [14536/22]
Amharc ar fhreagraI am advised by Revenue that the person’s standard rate tax band was allocated in full to his other income, which meant that his annuity pension was taxed at the higher rate.
I am further advised that following discussions with the person, Revenue has reallocated the appropriate portion of his standard rate tax band to his annuity pension for 2022 and has updated his Universal Social Charge (USC) status to exempt. The overpayments of tax and USC deducted from the person to date in 2022 will be refunded to him by his pension provider in the next payroll run.
