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Silke | Is there tax on redundancy payments? |
If someones job is made redundant after 10 years service.
Is there tax to be paid on the redundancy payment and or the notice period payment? |
 |
 
Mark
 |
You're not getting much of a concensus here! The bottom line is it depends. Not a great deal of help, but there you go!
As a rule of thumb, for a *true* redundancy, the first £30,000 would not be subject to tax. The statutory minimum (Statutory Redundancy Pay) doesn't usually amount to enough to be charged to tax.
But it is not that simple, as a redundancy package often has several elements.
You mention notice periods. That as an element in itself, and the treatment of a payment in lieu of notice (PILON) largely depends on your contract, and what that says. Let's consider that issue:
Contrary to popular belief, a written contract (or the absence of one) may not tell the whole story, as what happens in practice may have as much legal foundation as what is written. If your contract states that you will be paid in lieu then that part of the package WILL be taxable. If the custom in your company (or role) is that you go immediately, even if your contract says otherwise, then the PILON will be taxable. If there is no mention of a notice period, then it probably won't be taxable. Easy peasy...
Then we get into golden handshakes, restrictive covenants and any number of other elements, all of which could be treated differently again.
And that's just the tax. National Insurance is generally the same, but not always.
The best advice I could give you for a definitive answer in your case would be to contact the tax office - they'll probably want copies of letters/contracts etc.
If you want to tackle the issue yourself, then the link below takes you to the guidance that helps the tax office decide how to tackle it. You'll need some paracetamol too, but I can't help you with that. |
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climbingtuba2
|
You don't pay tax on the first £30,000 of your redundancy payment.
However, you do pay tax on any unpaid wages, bonus payments or occupational pension payments.
Any items other than money (e.g. a car) are treated as making up the first £30k.
On something like this, though, it's always better to speak to the Inland Revenue |
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monkey
|
You need to get some advice. However, it's actually the first £30,000 that is tax free. You need to be careful if you already have another job lined up or if you expect your old employer to employ you on a consultancy basis.
As part of hte redundancy package they may well offer you and pay for the opportunity to speak to a lawyer. Definitely worth doing.
Good luck |
|
Dr
|
I have recently been made redundant in my job, after six years' service. My redundancy payment is one week's pay for each completed year of service. Because of the way redundancy payments are worked out, a week's pay is up to a maximum of £310. That means, my redundancy payment is £1,860. Not a lot!! If you have done 10 years' service, then you should get 10 x 1 week's pay.
I work for a local F.E. College, so Local Government rules apply. I was entitled to 4 months' redundancy notice, only 1 of these month's I am actually working (this month, August). So, at the end of this month I shall be paid for my three months' notice - without actually having to work it. Plus, my normal August salary.
I hope that this is making sense to you. What I am saying is, that my notice pay and redundancy payment is all tax-free.
Redundancy is an opportunity - not a threat. It is your opportunity to go out and do whatever you like with your life. Best of luck! Hope everything goes well for you. |
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**tomtom
 |
The first £30K of redundancy pay is tax free.
Your normal pay,bonus ,other benefits and overtime is taxable.
Hope you get another job sooooooooooooooon |
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Andy
|
your first 30,000 is tax free but anything after is liable to tax as is notice period payment |
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old know all
 |
The first £20,000 is tax free. The rest is treated as earnings. |
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mac one
 |
yes |
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cheek_of_it_all
|
Everything is taxed. It depends on how much you get as a payment though, speak with the Department of Work & Pensions (DWP) and they may have some useful information for you, your rights and other stuff that may be of use to you. |
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