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All rights reserved. BarrCo Solicitors is the trading name of BarrCo Limited.

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Registered Company in England and Wales: 7346373

Changes to taxation of termination payments put on hold pending the election

April 27, 2017

 

 

The Finance Bill 2017 is being fast-tracked through the legislative process, in light of the 8 June 2017 general election, announced by Prime Minister Theresa May on 18 April 2017. In doing so, the government has decided to leave out of the Bill changes to the taxation of termination payments. Those changes had included measures that:

  1. Would have required employers to subject to tax an amount equivalent to the employee's basic pay if notice is not worked;

  2. Making all termination payments subject to class 1A NICs above the £30,000 threshold.

  3. The measures which would have exempted employees from tax liability on legal support provided by their employer if called on to give evidence in court.

 

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