Financial Resolution No. 8 provides for the taxation of pension lump sums above €200,000 with effect from 1 January next year. This resolution replaces the existing provision in the Taxes Consolidation Act of 1997 which already places a lifetime limit on the amount of tax free pension lump sum that can be taken by an individual from 7 December 2005. This limit was set at 25% of the old standard fund threshold and amounts to €1.3 million.

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