Taxes Consolidation Act, 1997
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Tax treatment of certain severance payments. [FA93 s7(2)] |
124.—(1) This section shall apply to the following payments— | |
(a) a termination allowance (other than that part of the allowance which comprises a lump sum) payable in accordance with section 5 of the Oireachtas (Allowances to Members) and Ministerial and Parliamentary Offices (Amendment) Act, 1992 , and any regulations made under that section, and | ||
(b) a severance allowance or a special allowance payable in accordance with Part V (inserted by the Oireachtas (Allowances to Members) and Ministerial and Parliamentary Offices (Amendment) Act, 1992 ) of the Ministerial and Parliamentary Offices Act, 1938 . | ||
(2) Notwithstanding any other provision of the Income Tax Acts, payments to which this section applies shall be deemed to be— | ||
(a) profits or gains accruing from an office or employment (and accordingly tax under Schedule E shall be charged on those payments, and tax so chargeable shall be computed under section 112 (1)), and | ||
(b) emoluments to which Chapter 4 of Part 42 is applied by section 984 . |