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New rules for taxation of termination payments


stu007
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New rules for taxation of termination payments

 

 

Rules introduced to prevent manipulation of the system take effect today.

 

Employers will need to pay Income Tax and Class 1 National Insurance contributions (NICs) on an element of all termination payments from today (6 April 2018), whether or not they are contractual payments.

The element that is now chargeable to Income Tax and NICs is the amount of the termination payment that represents payment in lieu of notice (PILON).

This change applies to payments, or benefits received on, or after, 6 April 2018 in circumstances where the employment also ended on, or after, 6 April 2018.

This follows an announcement at Budget 2016 that government would introduce rules to prevent employers from manipulating the system.

 

READ MORE HERE: https://www.gov.uk/government/news/new-rules-for-taxation-of-termination-payments

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