The Finance Bill introduces a number of measures in relation to the tax treatment of termination payments.
Employers will be liable to pay national insurance contributions (NICs) on termination payments above £30,000 that are already subject to income tax.
Other changes include making all payments in lieu of notice taxable and subject to Class 1 NICs (removing the distinction between contractual and non-contractual notice payments) and removing the exemptions in relation to foreign service relief and injury or disability payments.
A mature HR professional with over thirty years experience within the HR function both from a strategic and operational perspective, with over 18 years in senior management roles including those at…
Post articles and opinions on Manchester Professionals
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
