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Redundancy Tax Refund Entitlements

  • 30-12-2012 2:50am
    #1
    slick31
    Registered Users, Registered Users 2 Posts: 46 ✭


    Hi,
    I was made redundant in April - worked in company for just over 14 years and got 5 weeks pay for each year. Can someone tell me if............
    1) I can claim Tax Back on my lump sum payment??
    2) How do I go about this??
    3) What form(s) do I need to fill out??
    4) Is there a time limit on Claiming??
    Any help would be greatly appreciated but can you keep it simple as I don't really know very much about Tax and Claiming Back. I have searched this site and googled it but can't get any answers (that I understand anyway). I have seen stuff on Top Slicing is this what I should be doing?? How would I go about this - what forms etc.????
    Thanks,
    Slick:confused:


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    The statutory redundancy is exempt. Then there are 3 exemptions, standard, increased standard and the SCSB.

    Given your length of service I imagine the SCSB would have exempted most of the payment. What have you been earning since the redundancy? If you take the taxable income for the year and compute the tax due depending on your income this may trigger a refund. Top Slicing Relief restricts the tax payable on the lump sum to the effective tax rate for the preceeding 3 years. If you throw out some numbers people could advise better.


  • #3
    slick31
    Registered Users, Registered Users 2 Posts: 46 ✭slick31


    Hi,
    I just really want to know what Forms I need to fill in to claim the tax back. Do I fill in Form R12??? and get balancing statements from the last 3 years??? If not these then what forms do I need? Basically what does anyone who claims redundancy tax back do to actually get a refund???
    Cheers,
    Slick.


  • #4
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    slick31 wrote: »
    Hi,
    I just really want to know what Forms I need to fill in to claim the tax back. Do I fill in Form R12??? and get balancing statements from the last 3 years??? If not these then what forms do I need? Basically what does anyone who claims redundancy tax back do to actually get a refund???
    Cheers,
    Slick.

    There are no forms to fill.

    You can write , ring , email , or click online payeanytime .

    Or you can call in person to your local tax office


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