Michael D'Arcy
Question:63 Mr. D'Arcy asked the Minister for Finance if he will give details of the tax liability on lump sum payments on termination of employment by an individual who is paying schedule D case 111 income tax.
Written Answers. - Tax on Lump Sum Payments.
I have been advised by the Revenue Commissioners that the taxation treatment of payments on termination of an office or employment is provided for in sections 114 and 115 and Schedule 3 to the Income Tax Act, 1967 as amended.
The application of that legislation would depend on the facts of a particular case. If the Deputy has a specific case in mind, perhaps he would furnish the relevant details when the matter will be considered further.