Written answers
Thursday, 26 March 2009
Department of Finance
Pension Provisions
4:00 pm
Michael D'Arcy (Wexford, Fine Gael)
Link to this: Individually | In context
Question 88: To ask the Minister for Finance if the gratuity paid to the former Financial Regulator (details supplied) is tax free; and if he will make a statement on the matter. [12667/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context
The Central Bank and Financial Services Authority of Ireland complies fully with all tax requirements. Under statutory pension schemes and pension schemes approved by the Revenue Commissioners, there is no liability to income tax in respect of retirement gratuities or lump sum paid to members of such schemes on retirement provided Revenue rules are complied with. Accordingly, the pension gratuity was not subject to tax and all other payments made by the Financial Regulator to its former Chief Executive on the occasion of his retirement were fully subject to tax.
No comments