Can you confirm what disclosures must be made and how the disclosure can be made in relation to the following :
Termination Payment – Basic amount €10160 plus €765 per year
Termination Payment – Increased exemption additional €10k
Termination Payment on death €200k
Can you confirm also if the tax free amounts must be disclosed on final P45?
Thanking you in advance
Revenue Guide to PAYE: 3.5.12
1-2. Revenue approval does not have to be sought for basic exemption or increase in basic exemption. http://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-42/42-04-35.pdf
3. Details of lump sum payments made by employers to office holders and employees on account of death, injury or disability, and treated by employers as exempt, must be reported to Revenue not later than 46 days after the end of the year of assessment in which the payment was made.
4. I don’t think so, check with Revenue or Irish Payroll Association.
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Posted by Alan Moore (Questions: 5, Answers: 4689)