Finance Act 2022
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Payments in respect of redundancy | ||
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5. (1) The Principal Act is amended by the substitution of the following section for section 203: | ||
“203. (1) In this section, ‘lump sum’ has the same meaning as in the Redundancy Payments Act 1967 . | ||
(2) Any lump sum payment made under section 19 or 32 of the Redundancy Payments Act 1967 shall be exempt from income tax under Schedule E. | ||
(3) Any payment made under section 32A of the Redundancy Payments Act 1967 shall be exempt from income tax under Schedule E.”. | ||
(2) Subsection (1), in so far as it relates to subsection (3) of section 203 of the Principal Act, shall be deemed to have come into operation on 19 April 2022. |