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Tax on lump sum.

  • 04-08-2016 01:39PM
    #1
    aujopimur
    Registered Users, Registered Users 2 Posts: 3,952 ✭✭✭


    I am taking the lump sum option on a pension (€11,000), half of which will go to my ex., they will issue a P45 for the taxable portion.
    My only income is the old age pension, will I get a full refund of the tax deducted?.


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    aujopimur wrote: »
    I am taking the lump sum option on a pension (€11,000), half of which will go to my ex., they will issue a P45 for the taxable portion.
    My only income is the old age pension, will I get a full refund of the tax deducted?.

    Is the half going to your ex under a legally enforced maintenance agreement?


  • #3
    aujopimur
    Registered Users, Registered Users 2 Posts: 3,952 ✭✭✭aujopimur


    gerrybbadd wrote: »
    Is the half going to your ex under a legally enforced maintenance agreement?
    Yes, I'm divorced, there is a persion adjustment order in place.


  • #4
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Then you should get a deduction from your taxable income, equal to the amount of payment made to your ex.

    Then, depending on how much your pension is, you may get some or all of the tax back


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