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change of work practices

  • 16-08-2010 6:16pm
    #1
    warder6161
    Registered Users, Registered Users 2 Posts: 337 ✭✭


    recieved lump sum payments for a change of work practices...are these payments liable for tax ??:confused:


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    warder6161 wrote: »
    recieved lump sum payments for a change of work practices...are these payments liable for tax ??:confused:

    Yes, but probably at a reduced rate.

    There's a complicated calculation which operates by looking at the additional tax you would pay on 1/3rd of the lump sum, working out the average rate of tax on that 1/3rd of the sum, and then applying that average rate to the entire amount.

    Feel free to read it all for yourself!! Go to the commentary on Section 480.

    http://www.revenue.ie/en/practitioner/law/notes/tcagpart15_08.pdf

    You make a claim after the end of the tax year.


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