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bigduckontax
bigduckontax, Accountant
Category: Tax
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I work in Ireland and wish to change jobs. what is the maximum

Customer Question

I work in Ireland and wish to change jobs. what is the maximum tax free lump sum I can receive as "halo Money"?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Nearly all income in Ireland is subject to Income Tax. The exceptions are [source; Irish Gov web site]: Payments to approved pension schemesStatutory redundancy paymentsCertain social welfare paymentsScholarship incomeInterest from savings certificates and Savings Bonds and National Instalment Savings Schemes, within limitsCertain earnings by artistsCertain payments in respect of disabilities linked with ThalidomideWins from licensed lotteriesCertain army pensions and allowancesPayments made by the Health Service Executive to foster parents for the care of foster childrenSome compensation payments under employment lawCompensation for personal injury that prevents an individual from maintaining herself. Income arising from the investment of such a payment is also exempt if it is the main source of income. Invalidity pension received as a result of the same injury is not included in assessing main incomeThus there is no tax free lump sum on 'Hello Money,' it will be taxed at your marginal rate of tax. I am so sorry to have to rain on your parade.