Maximum tax benefit for provident fund and annuity contributions from myself
By Marc Sevitz · Updated
Can I get a tax benefit for a provident fund that I contribute to as well as an annuity at the same time?
Currently, there is no deduction (ie tax benefit) for your contributions to a Provident fund.
With regards to your RA, you can deduct up to 15% of "non-pensionable income" and therefore claim a tax benefit.
However, please note the tax rules are changing around retirement deductions which come into effect 1 March 2016 and therefore will impact your 2017 tax return. You will be able to claim a deduction for both the provident fund and RA contributions but these will be capped at a certain limit.
With regards to your RA, you can deduct up to 15% of "non-pensionable income" and therefore claim a tax benefit.
However, please note the tax rules are changing around retirement deductions which come into effect 1 March 2016 and therefore will impact your 2017 tax return. You will be able to claim a deduction for both the provident fund and RA contributions but these will be capped at a certain limit.