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Tax on redundancy payment

simo28 · 2012-07-05 09:56:58

Hi, Its looking like I'll be made redundant before the end of the year. I won't get much out of it as I'm only in the job 5 years but I'm wondering how much tax I'll have to pay on it. Is it the standard rate of 20 or 21 percent or is it calculated a different way? Thanks

05-07-2012 9:56am

#1

simo28

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Join Date: April 2008

Posts: 83

Hi,
Its looking like I'll be made redundant before the end of the year. I won't get much out of it as I'm only in the job 5 years but I'm wondering how much tax I'll have to pay on it. Is it the standard rate of 20 or 21 percent or is it calculated a different way? Thanks

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#2 05-07-2012 11:32am

Nody

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Posts: 16401

Citizeninformation wrote:

On a redundancy or retirement payment, you are entitled to the higher of the following which is then exempt from tax:
Basic Exemption

The basic exemption due is €10,160, plus €765 for each complete year of service. (This does not include statutory redundancy which is tax free.)

More information is available here.

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