S.I. 684 of 2010


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S.I. No. 684 of 2010.

SOCIAL WELFARE (CONSOLIDATED CONTRIBUTIONS AND INSURABILITY) (AMENDMENT) REGULATIONS 2010

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations make a number of changes to the provisions relating to PRSI contributions and contributors following on from the measures announced by the Minister for Finance in his Budget Statement of 7 December 2010—

  • The abolition of PRSI relief on employee superannuation contributions in the case of reckonable earnings and reckonable income for the purposes of voluntary contributions;
  • The inclusion of income from—
    1.   ( a) approved profit sharing schemes,
    2.   ( b) approved Save-As-You-Earn schemes,
    3.   ( c) share awards, and
    4.   ( d) unapproved share option gains
    in the case of reckonable earnings and reckonable income for the purposes of voluntary contributions that is assessable for PRSI purposes;
  • The application of a PRSI rate of 4% in the case of Modified PRSI contributors whose income exceeds €75,036 per annum;
  • An increase in the floor below which self-employed contributors are excepted from liability for PRSI from €3,174 to €5,000; and
  • The application of general provisions relating to the payment and collection of PRSI contributions to the new 4% contribution payable by public office holders.

All of these measures take effect from 1 January 2011.

Last modified:08/02/2011
 

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