Information required to claim increased basic lump sum exemption
Where the lump sum payment (or total of such payments, if more than one is made) exceeds the basic exemption of €10,160 plus €765 for each full year of service the following information should be sent by the employer to the employee's Revenue office so that Revenue can advise the employer of the amount which need not be taken into account as pay for tax purposes.
- Employee's name and PPS number
- Employee's date of commencement and date of cessation. If the employee was a director state the date they became a director *
- Amount of statutory redundancy (not taxable)
- Assets given as part of the redundancy package, such as car, house etc
- Gross amount of lump sum payment excluding statutory redundancy
- Pay in lieu of notice, where such a payment is not provided for in the contract of employment
- Gross pay, excluding lump sum for the period 1 January to date of leaving, if available
- Whether the employee received a lump sum(s) previously from the employer submitting the claim or from any related employer
- A letter signed by the employee stating, if such is the case, that this is their first claim to relief for exemption over the basic exemption, SCSB or Top Slicing Relief
- Superannuation Scheme entitlements under the following headings:
- Refund of pension contributions
- Lump sum at date of leaving and whether in commutation of all or part of a pension
- Actuarial value as at date of leaving of any deferred lump sum
- If the employee irrevocably gives up their right to receive a lump sum from the pension scheme
* Where the employee is a director, attach a copy of the contract of service and a copy of the board minute granting the lump sum payment.