Income Tax

Redundancy Tax Free Threshold 2011

Redundancy Tax Free Threshold 2011

Your redundancy payment

Your employer may make a redundancy payment to you to compensate for ending your employment. This may be part of a redundancy package, which can include payments made for reasons other than your redundancy. The table below shows some examples of these payments and when tax and NICs
are payable.

Payment: Redundancy payment

Do I pay tax? Only on the amount above £30,000

Do I pay National Insurance? No

Payment: Unpaid wages

Do I pay tax? Yes

Do I pay National Insurance? Yes

Payment: Bonus payment

Do I pay tax? Yes

Do I pay National Insurance? Yes

Payment: Occupational pension

Do I pay tax? Yes

Do I pay National Insurance? No

Your employers will deduct tax and NICs using the guidance HMRC provide. They should also give you a form P45 Details of employee leaving work when you leave.

Items other than money

Anything else you receive which is not money is converted into a cash value for tax and NICs purposes. If these items were given to compensate for your redundancy, the cash value counts toward the £30,000 tax–free limit.
Contact your employer or HMRC if you want more information about tax and NICs on your redundancy payment or the payments included in your redundancy package.

If you think you have paid too much tax, you should contact your tax office to claim a refund. They will tell you what information to provide and if there are any forms you need to complete.

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Redundancy Tax Free Limits

Redundancy Tax Free Limits

If you are being made redundant it is worth knowing how much redundancy will be tax free.

From the 6^th of April 2011 the Government introduced a new 50% redundancy tax will affect all redundancy payments over £30,000.

The tax free amount of a redundancy payment remains £30,000 but anything above this tax free threshold will be deemed to be a monthly payment and increase your monthly earnings. The 50% tax rate will only be applicable if the redundant person is within the higher tax threshold.A redundancy payment of greater than £42,500 will bring an individual into the 50% tax bracket.

Also it is worth remembering that if the person’s redundancy payment crosses the higher tax threshold, all their income from other sources such as their savings, shares, second job wages or rental income may be taxed at the higher tax rate.

The key limit here is £30,000. If you are getting this or less then you will pay no tax upon it.

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The Tax Help Process

The Tax Help Process

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