A revised Revenue PDF manual , consolidating all previously published material relating to the taxation of termination lump sum payments chargeable to tax under section 123 of the Taxes Consolidation Act 1997, has been issued.
It sets out the exemptions and reliefs that may be claimed by an individual on receipt of such a payment and includes amendments introduced in Finance Act 2013 and Finance (No.2) Act 2013 in relation to:
- the restriction of Top Slicing Relief for the year of assessment 2013 in respect of lump sum payments in excess of €200,000;
- the abolition of Foreign Service Relief with effect from 27 March 2013; and
- the abolition Top Slicing Relief with effect from 1 January 2014. (Source: Revenue)
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