how do I Minimise tax on redundancy payment

P

Peter101

Guest
Hi

I am just about to receive a redundancy payment and am trying to minimise the tax on it. I was under the impression that I could reduce tax by making an AVC - however the tax office have advised that I can't.

Does anyone know any efficient way of minimising the tax take? The tax is about 38K on 170K.
 
Thanks Clubman

I did go through the info - am happy that the tax treatment of the payment is correct. Its what I do next to claim back the tax or minimise the payments that I was looking for a quick steer on.

Appreciate the response.
 
following the year that you have been made redundant in, you can claim what is called top slicing relief from the revenue... simple procedure by dropping them a letter with date you were made redundant and your last 4 -5 p60's.... you should get a nice wedge back... in about 6-8 weeks afterwards....

good luck,
 
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