redundancy payment and tax

[Wexfordman]

Hi,
Just wondering if someone could advise on redundancy and tax allowances etc. For example someone employed with a firm for 8 years (10 actually).

I have done a bit of research, but not confident I am able to interpret what I am reading corerctly (tax is so complicated).

Anyway, I found a reference to SCSB (Standard Capital Superannuation Benefit): which seems to show significan benefits for people who are of a longer term of service and facing redundancy.....

Here is the page I found it on
If you scroll down you will see the category. Could someone explain if there are any limitations to this, and how I would calculate overall after tax payment (6 weeks plus statutary for example).

Its just SCSB does not seem to be widely known of, so I am assuming for some reason it does not apply in most cases ?

Thanks,
Wexfordman

 

[Diziet]

Re: redundancy pyment and tax

Wexfordman,

I have recently gone through this myself. You need to do the calculations regarding the best tax option, as they vary between individuals. In my case with 8 years service, the SCSB was by far the best option, which surprised me. You can PM me if you like for more details.

cheers,
Diziet