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.
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.
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....