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8-08-2014

The current £30,000 exemption from income tax under section 403 of ITEPA 2003 for terminations payments should be replaced, according to the Office for Tax Simplification (OTS).

The OTS recommends that the level of the exemption should be a multiple of the statutory redundancy payment that the relevant individual is entitled to or a flat amount.

Obviously, this may favour employees who are older or who have held the same job for a long time.

Sarah Rushton (srushton@moonbeever.com)

Tel: 0207 539 4147

This is intended for general information only and should not be considered as giving advice in relation to any individual case nor be taken as applying to any particular case. No liability is accepted for any such use of the information.

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Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

Chambers and Partners

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