Redundancy coming soon

Bombe

Hi Guys,

A bit of advice needed..... I was made redundant about 7.5 years ago...It now looks like the company I am with will be making me redundant soon..

My Question is…How does the tax work on this...I seem to remember that you get heavily taxed if you have been made redundant more than once in 9 years!!!

mozattack

Do redundancies all the time... tax isn't heavy.

Yes you can only claim Increased Exemption once every 10 years but basic exemption for you will be around €15,000. Top slicing relief will then reduce the taxable element down to your average rate of tax for the last 3 years which can be a very beneficial relief.

Bombe

Thanks Mozattack