Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

change of work practices

  • 16-08-2010 06:16PM
    #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.


Advertisement