TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Pension guidance from Revenue confirms treatment of Christmas bonus

Individuals who receive a Social Welfare Christmas bonus can take that bonus into account in determining the amount of their annual pension or annuity income.

The updated manual (Chapter 23, para 5) confirms that a Christmas bonus paid under S.I. No. 523/2017 – Social Welfare (Temporary Provisions) Regulations 2017 can be taken into account in determining the amount of the annual pension or annuity income for the purposes of section 784C(4) and the related PRSA provision in section 787K of the TCA 1997. If a Christmas bonus is paid in 2018 or any subsequent year, it may be taken into account in determining an individual’s annual pension or annuity income for the purposes of section 784C(4) and section 787K of the TCA 1997.