SOURCE CODE DESCRIPTIONS IRP5 code 4007

Deduction codes

In the electronic file IRP5 code 4007 is used for: Prior to the 2017 tax year Arrear (re-instated) retirement annuity fund contributions values must be included in IRP5 code 4007. This code is not applicable from the 2017 year of assessment.

The prescribed Length of IRP5 code 4007 in the electronic file is: N15

The abbreviations used within the description of the relevant codes mean:
• PAYE: Income is subject to the deduction of Employees’ Tax and will also be taxed when the income tax assessment for the employee is processed.
• IT: Income is not subject to the deduction of Employees’ Tax but will also be taxed when the income tax assessment for the employee is processed.
• Excl: Income is not subject to the deduction of Employees’ Tax and will also not be taxed when the Income Tax assessment for the employee is processed.
• Excl/PAYE: Depending on the circumstances described in the legislation, the income is either subject to both PAYE and Income Tax, or it is excluded from both PAYE and Income Tax