Still time to backdate pension contributions for 2022 tax year

A pension plan must be put in place and maintained from early in a farming career if it is to play a meaningful role in the succession process.

Farmers opting for the November 15 income tax return deadline can still make a pension contribution and backdate the accompanying tax relief to the 2022 tax year.

Farmers, like many other self-employed people, take the option to pay into a private pension in order to avail of the tax relief on the pension payments, while they are earning income.