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widowers pension lump sum tax treatment.

  • 13-11-2017 4:30pm
    #1
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭


    I recently applied,very very late, for the widowers contributory pension,which has now been granted.
    I received a large lump sum payment into my bank account covering several years.
    How is this treated for tax purposes? Pay tax on the lump amount next year or amend the previous few years tax returns?
    Self employed status, paying tax at the higher rate.


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    Technically speaking I'd be amending the previous years on the basis that you would get the PAYE Credit over a number of years rather than including it in one year.


  • #3
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭housetypeb


    I'm self employed. I'll run it by the accountant this week,thought I was done with him for the year-he's just finished my tax returns/preliminary tax for 2016/2017 last month.
    As the payment covers a longer period than the 4 years that can be amended I wonder what the procedure there will be.
    I think that there won't be usc and prsi on the pension anyway,from what I've read online.


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