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Bonus Bonds

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  • 21-08-2003 2:54pm
    #1
    Humphrey
    Closed Accounts Posts: 121 ✭✭


    Can anyone tell me how Bonusbonds work with regard to tax for a normal PAYE worker.

    Am I better of getting a Bonus in Cash or getting the BB equivelant.

    I know were I can spend them etc I just need to know the tax side etc.

    Humphrey.


Comments

  • Options
    #2
    the Guru
    Closed Accounts Posts: 1,362 ✭✭✭the Guru


    You dont get taxed on them you get the full bonus amount in Bonds really good i reckon as Im getting killed on tax on my bonus


  • Options
    #3
    Humphrey
    Closed Accounts Posts: 121 ✭✭Humphrey


    Hi Guru
    Thanks for you reply.

    Although I am not too sure if it is an informed piece of information.

    There is some BIK implication etc although I am not too sure on the details.

    I just need someone who actually gets them to tell me exactly how it works.

    Humphrey.


  • Options
    #4
    Cal
    Registered Users Posts: 926 ✭✭✭Cal


    I'm not 100% on this but:

    No RSI paid on them and no BIK.

    I feel that from next Year there will be BIK which will kill their use.

    Cal

    edit for typo


  • Options
    #5
    the Guru
    Closed Accounts Posts: 1,362 ✭✭✭the Guru


    Hi Humphrey

    I get them and I pay no tax on any of the amounts ranging from €10 to €1000


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    #6
    Humphrey
    Closed Accounts Posts: 121 ✭✭Humphrey


    From want I have been reading you should be paying at least the lower rate of tax on the amount.

    Maybe you Company pays the tax without your knowledge.

    Humphrey.


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  • Options
    #7
    commuterised
    Closed Accounts Posts: 565 ✭✭✭commuterised


    you can spend them in loads of places all around the country.
    There's a book you can get detailing all establishments.
    Just be careful, some staff don't know they're supposed to take them and will refuse you but stand your ground.

    http://www.grg.ie/bonusbond/bbindex.html

    This website gives you some details of where to spend them.


  • Options
    #8
    the Guru
    Closed Accounts Posts: 1,362 ✭✭✭the Guru


    Hi Humphrey

    I get them and I pay no tax on any of the amounts ranging from €10 to €1000


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    #9
    HJ Simpson
    Closed Accounts Posts: 159 ✭✭HJ Simpson


    The company pays the tax so it works out better for the employee.
    I got these a few times no tax implications what so ever

    HJS


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