Tom Walker

Just You And I

Recipients Of New Covid-19 Payment Subsidy Could Have To Pay 40% Back In Tax

An Offaly accountant explains the new set-up.

Those in receipt of the government's covid payment subsidy could be repaying up to 40% of it in tax.

John McCann from MCM accounting in Tullamore estimates that people earning under €37,000 and whose employer has signed up to the scheme, will be giving almost a quarter of it back to the state. 

It's still unclear if the €350 per week payment given to workers directly effected by covid-19 will become taxable.

Mr. McCann says rushing to create the payment may have caused a lack of clarity:

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