Tax on withdrawals from ARF

[Finola]

Am I entitled to both personal and employee tax credits on withdrawals from an ARF. No longer an employee.

 

[jpd]

If you are not employed, there is no employee tax credit - the clue is in the name

 

[Finola]

I saw an example used by a broker which included the employee tax credit to calculate the net income after tax. So thats incorrrct then?

 

[Early Riser]

No longer an employee.

Are you receiving an Occ Pension? Have you any income taxed under PAYE? If so, you should be getting the PAYE/Employee credit as well as the appropriate personal tax credit for your circumstances.

 

[RedOnion]

If you are not employed, there is no employee tax credit - the clue is in the name

Really? I thought the employee tax credit was available on all PAYE income, so if the ARF withdrawals are taxed under PAYE system, then the credit should be available?

 

[Daddy Ireland]

Just seeking clarification here now too. A couple jointly assessed. One is drawing an occupational pension. Other has invalidity pension. Jointly own a rental property. Expected entitled to €6,600 in tax credits ? Big surprise to me if not.

 

[Gordon Gekko]

Yes, you get the PAYE tax credit.

 

[Finola]

Thats what I thought too. Thanks for the responses

 

[elacsaplau]

If you are not employed, there is no employee tax credit - the clue is in the name

An example of an inverse relationship between smugness/dismissiveness of a valid question and accuracy?

 

[jpd]

Mea culpa - I was completely wrong

 

[allencat3]

Yesterday I had to submit the Tax Review for the year 2019 as the insurance company won’t send me the annual withdrawal from my ARF policy unless this is done. I noticed on MyAccount that Employee Tax Credit is listed even though I took early retirement 7 years ago and reached age of 66 last year. Should this ETC be deleted from the Tax Return form? Thanks for your assistance

 

[jpd]

Not if you are in receipt of a State pension