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redundancy lump sum tax refund?

  • 01-05-2011 4:03pm
    #1
    karlram
    Registered Users, Registered Users 2 Posts: 103 ✭✭


    has anyone any info on this. i claimed back my tax for last year but only got tax back on my earnings. where do i apply for tax refund on a lupm sum i got in october?


Comments

  • #2
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Are you certain the lump sum was subjected to deduction of tax?


  • #3
    bryaner
    Registered Users, Registered Users 2 Posts: 3,181 ✭✭✭bryaner


    Is redundancy not tax free up to €200,000.


  • #4
    Darragho
    Registered Users, Registered Users 2 Posts: 40 ✭Darragho


    when I was made redundant about 5yrs ago I got a lump sum at the time of 50k however i did not pay any tax, it was tax free id say just give the revenue a call to discuss they will put you in the right direction


  • #5
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    bryaner wrote: »
    Is redundancy not tax free up to €200,000.

    The 200K limit is for someone with fairly significant earnings. The tax free lump sum is based on your length of service and earning levels calculated by one of three methods (see revenue.ie for basic exemption, increased basis and SCSB)

    Most people will ony qualify for a tax free payment of much less than the 200K


  • #6
    Slasher
    Registered Users, Registered Users 2 Posts: 400 ✭✭Slasher


    bryaner wrote: »
    Is redundancy not tax free up to €200,000.

    I wish that were true, but it ain't.

    See here:
    http://www.revenue.ie/en/tax/it/reliefs/lump-sum-payments.html


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  • #7
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    Guys I think the OP is enquiring about "Top Slicing Relief" which basically gives you relief based on your previous three years earnings, I did this for my Dad a number of years back and he got a refund because he was paying tax at the top rate for the three years previous to being made redundant. At the time, we needed to write a letter explaining that we were applying for top slicing relief and include all relevant documentation(P60's etc), took about 8-10 weeks but came through after that.


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