Proposals for reforming the taxation of termination payments
The Office of Tax Simplification (OTS) published its final report on the taxation of employee benefits and expenses and termination payments on 31 July 2014. Addleshaw Goddard reports on the recommendations and proposals in respect of the taxation of termination payments.
Notably, the OTS recommends the abolition of the existing £30,000 relief from income tax on termination payments.
In summary, the OTS recommends that the current £30,000 relief from income tax for payments and other benefits that are received directly or indirectly in connection with the termination of employment is abolished…
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