Golden handshakes to be taxed in the coming budget?

patslatt

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Mary Harney in today's Irish Times spoke about the need for thousands of redundancies to stay within HSE budgets. It looks as if the HSE hasn't made those redundancies since the abolition of the health boards simply because they were unaffordable on a tax free basis.Could this mean all redundancies in the economy will be taxed from now on?
 


Broke

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Golden Hand shakes

Mary Harney in today's Irish Times spoke about the need for thousands of redundancies to stay within HSE budgets. It looks as if the HSE hasn't made those redundancies since the abolition of the health boards simply because they were unaffordable on a tax free basis.Could this mean all redundancies in the economy will be taxed from now on?
All golden hand shakes should be taxed.The public service get to much when they retire.Ireland cannot pay this kind of silly money any more.
 

asset test

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Non Statutory redundancy payments ARE taxed, although some tax relief is available, particularly if it is your first redundancy.

Pension lump sum payments, on the other hand are tax free to PS..... at the moment. That might be why so many jumped ship in the early retirement scheme recently.
 

Luigi Vampa

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All golden hand shakes should be taxed.The public service get to much when they retire.Ireland cannot pay this kind of silly money any more.
But it can afford to pay 100 billion to FF anglo and cash for trash SCAMA ?
 

Barnacle

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Non Statutory redundancy payments ARE taxed, although some tax relief is available, particularly if it is your first redundancy.
Most and possibly all Golden Handshakes received by PS have been completely tax free. Like the payments to Patrick Neary and Rody Molloy including the infamous car, all tax free. The only element of their packages that is taxable is their actual pension.
 

riker1969

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Patslatt is a windbag

Patslatt to be shut down as a monotonous drone who thinks-get this- thinks Journalists steal his ideas. Ever look at his website?!! He is at best a gerbil on a wheel-apologies to Gerbils.
 

riker1969

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Your Capitalist Masters must be pleased Pat Et al.

But it can afford to pay 100 billion to FF anglo and cash for trash SCAMA ?
Keep him busy Pat is that what Tony O tells you to do-keep churning out the pointless threads. Has he promised you a byline Pat? No problem for you Pat given you have been a member/supporter of FF-bet you dont parade that do you? Meanwhile as this poster has quite rightly pointed out-50 billion goes down the jacks!
 

asset test

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Most and possibly all Golden Handshakes received by PS have been completely tax free. Like the payments to Patrick Neary and Rody Molloy including the infamous car, all tax free. The only element of their packages that is taxable is their actual pension.
As far as I know, these payments were for retirement, which are, as you say tax free. All PS retirement lump sums in PS are tax free. Now I'm not happy about it but that's the way it works....for now. These guys were not made redundant (maybe they should have been :cool:), so their retirement lump sums were not taxed.

If the Government change the way PS retirement benefits are taxed, this won't happen anymore. But if things change, a lot of present PS coming up to retirement will not be one bit happy, I am sure of that.

Just to add, anyone due to retire in PS up to 31 December 2011, whether it is their time to go, or they take early retirement, will have their lump sums and pensions based on the pre paycut salary. Nice...... Not a lot of people know that.
 

revolution

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Mary Harney in today's Irish Times spoke about the need for thousands of redundancies to stay within HSE budgets. It looks as if the HSE hasn't made those redundancies since the abolition of the health boards simply because they were unaffordable on a tax free basis.Could this mean all redundancies in the economy will be taxed from now on?
i agree with the redundancies,lets get harney out first
 

Barnacle

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As far as I know, these payments were for retirement, which are, as you say tax free. All PS retirement lump sums in PS are tax free. Now I'm not happy about it but that's the way it works....for now. These guys were not made redundant (maybe they should have been :cool:), so their retirement lump sums were not taxed.

If the Government change the way PS retirement benefits are taxed, this won't happen anymore. But if things change, a lot of present PS coming up to retirement will not be one bit happy, I am sure of that.

Just to add, anyone due to retire in PS up to 31 December 2011, whether it is their time to go, or they take early retirement, will have their lump sums and pensions based on the pre paycut salary. Nice...... Not a lot of people know that.
The payment were not for retirement. There were three elements of their overall Golden Handshakes, for Rody their were four. For Retirement they received their pension and their Tax Free Lump Sum. The other payments were Termination payments which for tax reasons are treated in the same manner as Redundancy payments.
 

captainwillard

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I want to see those lazy good for nothing teachers who were the architects of the Celtic Tiger haha get taxed to the hilt.
 

patslatt

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I could be a diaspora Patslatt

Patslatt to be shut down as a monotonous drone who thinks-get this- thinks Journalists steal his ideas. Ever look at his website?!! He is at best a gerbil on a wheel-apologies to Gerbils.
 

patslatt

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Could be disillusioned with all political parties?

Keep him busy Pat is that what Tony O tells you to do-keep churning out the pointless threads. Has he promised you a byline Pat? No problem for you Pat given you have been a member/supporter of FF-bet you dont parade that do you? Meanwhile as this poster has quite rightly pointed out-50 billion goes down the jacks!
 

patslatt

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Phased in taxes

As far as I know, these payments were for retirement, which are, as you say tax free. All PS retirement lump sums in PS are tax free. Now I'm not happy about it but that's the way it works....for now. These guys were not made redundant (maybe they should have been :cool:), so their retirement lump sums were not taxed.

If the Government change the way PS retirement benefits are taxed, this won't happen anymore. But if things change, a lot of present PS coming up to retirement will not be one bit happy, I am sure of that.

Just to add, anyone due to retire in PS up to 31 December 2011, whether it is their time to go, or they take early retirement, will have their lump sums and pensions based on the pre paycut salary. Nice...... Not a lot of people know that.
Taxes on golden handshakes and lump sums could be phased in gradually,starting at say 20% above say the first €10,000, and rising to full marginal income tax rates after a few years. At high incomes,the €10,000 exemption would be taken back.
 


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