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Copyright © 2019 BarrCo Limited.

 

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

Authorised and Regulated by the Solicitors Regulation Authority: 551420 :

Registered Company in England and Wales: 7346373

NICs to be deducted from all termination payments from April 2020

July 26, 2019

 As the law stands at the moment, only income tax is deducted from the balance of a termination payment above £30,000.

 

From the 6 April 2020 it is proposed that employers National Insurance contributions on termination payments which are taxable for income tax and exceed £30,000 will become law.

 

https://services.parliament.uk/Bills/2017-19/nationalinsurancecontributionsterminationawardsandsportingtestimonials.html

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