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Tax when laid off

  • 12-08-2002 10:00pm
    #1
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭


    Lads

    What is the story with tax when you get laid off, people have said to me that I maybe able to get tax back and to be honest I have not a clue, anyone ever heard anything like this

    Cheers


Comments

  • #2
    flamegrill
    Registered Users, Registered Users 2 Posts: 1,862 ✭✭✭flamegrill


    when you are in full time employment you pay tax at a rate based on what you may earn in a full 12 months employment (i think).

    So when you get laid off or leave you can claim the tax back that is due to you. You can also claim your stamps back, but as far as i can remember you have to have at least a previous 12 months prsi payments b4 the current tax year.

    I left work in april and i got 300 euro back which was cool considering i had only worked for 4 months of the year. this was only a percentage btw. it wasnt a full refund. I think you can only do that if you are in full time third level education.


  • #3
    Boston
    Closed Accounts Posts: 17,163 ✭✭✭✭Boston


    flamegrill is right

    Your TFA is for 12 months and on the lowest rate of paye its something like 10,000 euro,(your only taxs on what you earn over that) best to give the RC a ring to find out exactly where you stand


  • #4
    thegills
    Registered Users, Registered Users 2 Posts: 1,802 ✭✭✭thegills


    I was laid off in February. Got paid 3 months notice as a lumpsum. I was taxed the amount that I would have been taxed anyway for those 3 months. Everyone however is entitled to an additional 4000 pounds tax-free on a redundancy payment but only once in your life. I applyed for this and got another few bob.
    On the revenue.ie website search for the IT21 leaflet - all is explained


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