Redundancy has struck-quick tax query?

[widescreen]

Just looking for a quick clarification on this if possible. I have researched and think the answer is no, I won't be taxed,but I want to check here as well where I know I can trust the answer.

Scenario- Being made redundant in a few weeks time. Have over 10 years service. Have been offered a statutory redundancy figure which I know is tax free and also a very disappointing €15K approx from employer.

Using calculation of Citizens info site it says first €10,160 is tax free and then an allow of €765 per years service which means the tax free amount would be up to €17K which means I pay no tax.

However,I was made redundant back in July 99 as well and got less than £15k and wondered does that have any tax implications on this 2nd redundancy?

any help appreciated..thanks

 

[Milly]

Afaik once your previous redundancy was more than 10 years ago it does not have any impact on current redundancy

 

[3rdLevel]

statutory is 2 weeks for every year at €60o per week so €1200 a year x 10 is €12,000 plus an extra week thrown in so €12600

were did you get €15k from ??? or am i missing something

being made redundant also after 10 years and statutory

lucky enough to walk into a family business full time

 

[elcato]

were did you get €15k from ??? or am i missing something

Yes - He is getting an extra 15k above statutory

Have been offered a statutory redundancy figure which I know is tax free and also a very disappointing €15K approx from employer.

 

[PC 80]

The present value of any tax free pension lump you might be entitled to on retirement could reduce this €17k figure unless you decide to waive your tax free pension lump sum. But this figure can be increased by another €10k if you haven't received a termination payment in the last 10 years. This €10k is called the increased exemption and must be applied for from Revenue in advance. Your employer payroll people should talk you through all this.