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Published 6 September 2016
The government has published its response to its 2015 consultation on simplifying the taxation of termination payments, together with draft legislation for further consultation.
From April 2018, tax and NICs charged on termination payments will change as follows:
The most noticeable difference from April 2018 will be in relation to payments in lieu of notice. Currently, these can come within the £30,000 tax free exemption unless the employer has a contractual right to make a payment in lieu of notice. The change will not be popular with employees, but will make the system less complicated.
Simplification of the tax and National Insurance treatment of termination payments
London - Walbrook
+44 (0)20 7894 6564
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