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termination payments
Tax Simplification
Income Tax and NICs Reform Point 2.52 of the Autumn Statement report said: ‘The Government will wait for further progress on planned operational changes to the tax system before formally consulting on the operational integration of income tax and NICs.’ Comment We had hoped that the Autumn Statement would give us an indication of where [...]
Termination payments and the £30,000 exemption
The Upper Tax Tribunal decides that payments in lieu of redundancy, even if paid years in advance of termination, qualify for the £30,000 exemption. On 6 December 2010, in the case Colquhoun v Revenue & Customs, the Upper Tax Tribunal overturned the January 2010 decision of the First-tier Tax Tribunal relating to the £30,000 tax [...]
