(1) Subject to the provisions of this Chapter, relief from income tax shall be given in respect of contributions to a PRSA by an individual chargeable to tax in respect of relevant earnings from any trade, profession, office or employment carried on or held by that individual.
(2) Where relief is to be given under this Chapter in respect of any contribution made by an individual, the amount of that contribution shall, subject to this section, be deducted from or set off against the individual's relevant earnings for the year of assessment in which the contribution is paid.
(3) Where in relation to a year of assessment a contribution to a PRSA is made after the end of the year of assessment but on or before the specified return date for the chargeable period (within the meaning of Part 41A) the payment may, if the individual so elects on or before that date, be treated for the purposes of this section as paid in the earlier year (and not in the year in which it is paid); but where -
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