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severance and tax on benefit in kind?
wellused
Posts: 1,678 Forumite
I wonder if someone could help with this question, I am coming up to 58 years old and have been working on the railway for 19 years, I receive free rail travel facility's which I have to pay tax on as a "benefit in kind." As I am not in the best of health I am considering applying for voluntary severance from my job, as an ex British Rail employee my travel facility's are safeguarded and I will qualify to continue to receive them but they will still be taxable. If I am not working will I have to pay tax on benefit in kind perks or is it only recovered from income tax?
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Comments
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AIUI BIK are just treated as extra income for tax purposes so I suspect that continues to be the case unless there are some alowance eg: once pensionable.0
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