Tax Advise on Redundancy Payment

[Nick1911]

Hi

I am hoping to get an exit package from my emolyer of approx. €75K. Is it worthwhile engaging an accountant to minimise my tax exposure or is it something I can do myself with the assistance of a tax book like TAB?

Appreciate comments.

Nick

 

[Sunny]

Do it yourself. Look at the revenue website for information on various options for redundancy payments. Its not that complicated.

 

[Nick1911]

Thanks.

Quick question re. the additional €10K on basic exemption.

2 criteria -

1. Have not availed of it for last 10 years.
2. If a member of pension scheme "gives up the right to receive a lump sum from such a scheme". Is that just for NOW i.e. do not receive lump sum currently or does it apply for ALWAYS?

 

[Don_08]

Thanks.

Quick question re. the additional €10K on basic exemption.

2 criteria -

1. Have not availed of it for last 10 years.
2. If a member of pension scheme "gives up the right to receive a lump sum from such a scheme". Is that just for NOW i.e. do not receive lump sum currently or does it apply for ALWAYS?

Giving up the right to your lump sum from pension is the lump sum from the pension you have built up in your current job. So at retirement you cannot take tax free lump sum in respect of the pension from that employment only. If you got another job and built up 20 years pension from that you can take tax free lump sum in respect of the next job.