Where do I put redundancy on tax form on the on line version?

50Twuncle

Did you get a "reserved rights" settlement ?
An extra £37,000 tax free allowance ........

John_Pierpoint

Another thread on this subject here:
https://forums.moneysavingexpert.com/discussion/1703951
You could check out some of the other "victims" and perhaps make contact with a Private Message (PM).

[I think when some of the recent "victims" in the private sector read the above thread (and they are not company directors or senior bankers) they are likely to go "green eyed"];)

cepheus

21Twinkle wrote: »

Did you get a "reserved rights" settlement ?
An extra £37,000 tax free allowance ........

Are you just talking about the 30k tax free amount? This applies to everybody.

cepheus

John_Pierpoint wrote: »

Another thread on this subject here:
https://forums.moneysavingexpert.com/discussion/1703951
You could check out some of the other "victims" and perhaps make contact with a Private Message (PM).

[I think when some of the recent "victims" in the private sector read the above thread (and they are not company directors or senior bankers) they are likely to go "green eyed"];)

Yes but this is compensation for being paid a pittance of a salary in the civil service! Unfortunately when it was privatised they wanted to retain these pitiful salaries (except for newbies) whilst restricting the pension and redundancy rights down to private sector levels. Although final salary pension scheme was retained for the old guard this didn't prevent them forcing us to make up for poor returns with higher contributions to retain the old level. All in all I doubt if the redundancy makes up for all of this, but I am happy to be rid of them all the same!

Yes nice to see the HR foaming at the mouth as well, they obviously miscalculated and thought they would get away with non-reserved rights, but it was worse than that this. Mobile grades joining before 1987 had additional redundancy privileges (about 25% more in my case) and that's what the dispute is about.

50Twuncle

When I mentioned the extra £37k tax free allowance - on Reserved Rights - I was talking about the tax free allowance (taking the total tax free amount to £67k) - not the actual payment - which in my case was "considerably more"
Yes - but to receive reserved rights you had to be a MOBILE grade on April 1st 1987 and to have remained a mobile grade ever since that date without a break !!
http://www.civilservice.gov.uk/Assets/CSCSclassicplus_premium_partnership_with_insert_tcm6-1852.pdf

cepheus

I certainly qualify as a Mobile grade joining in 86, but cannot see anything to do with £37,000 in the link you sent me. Can you tell me which page it is on. I am assuming the tax free 30k it mentions is not in addition to the 30k everyone else gets!

In my case I was working in the private sector when made redundant, with the Civil Service terms carried over, so not sure if that makes any difference anyway.

It's far too late now because I sheltered it a personal pension.

50Twuncle

What grade were you on 1st April 1987 ?

cepheus

Scientific Officer, there is no issue with reserved rights, or correct payment my Union have established this, but this tax treatment is news to me!

Perhaps it is this?

1.2 Annex A Tax treatment for staff entitled to pre-1987 terms under the reserved rights arrangements


Tax treatment

1. 1
2. [FONT=Times New Roman,Times New Roman]Staff who leave with benefits under the pre-1987 reserved rights arrangements are entitled to receive a preserved pension and lump sum together with an immediate additional lump sum compensation payment. Details are given in section 5. [/FONT]
3. 
   
4. 2 [FONT=Times New Roman,Times New Roman]For those whose last day of service is on or after 6 April 1994, an element of the capitalised lump sum compensation payment is exempt from tax, and additional to the £30,000 exemption detailed at 1.2.14 - 1.2.16. The additional tax exempt element of the lump sum compensation payment is the net amount of the lump sum that would have been payable under the rules which applied before 1 April 1987, less the net present value of the preserved lump sum. [/FONT]
5. 3 [FONT=Times New Roman,Times New Roman]Table 1 sets out the calculation of the tax exempt element of the additional lump sum compensation payment. Table 2 provides an example. [/FONT]

http://www.civilservice.gov.uk/Assets/Early Retirement Section 1 combined_tcm6-1533.pdf

50Twuncle

That's it 1.2 Annex A - As I said - the whole thing appears random as to how much they allow you tax free

The additional tax exempt element of the lump sum compensation payment is the net amount of the lump sum that would have been payable under the rules which applied before 1 April 1987, less the net present value of the preserved lump sum.

What is this implying ?
God only knows
Sorry - were you disposed of Compulsarily or Voluntarily ?

cepheus

Compulsory does this make a difference?