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Tax free sum although -technically redundancy?
Amanda65
Posts: 2,076 Forumite
Hi all
OH been told his position is redundant today
He doesn't qualify for statutory redundancy as he's only been there since September but they've offered him a pay off of a months money, holiday pay, another additional payment to cover something (not sure what) of circa £8.5k which they say they will pay tax free - how can they do that? Is it legal ? Will we get stung for tax at a later date? And what pitfalls should we be looking out for?
Thanks
OH been told his position is redundant today
He doesn't qualify for statutory redundancy as he's only been there since September but they've offered him a pay off of a months money, holiday pay, another additional payment to cover something (not sure what) of circa £8.5k which they say they will pay tax free - how can they do that? Is it legal ? Will we get stung for tax at a later date? And what pitfalls should we be looking out for?Thanks
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Comments
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Hi all
OH been told his position is redundant today He doesn't qualify for statutory redundancy as he's only been there since September but they've offered him a pay off of a months money, holiday pay, another additional payment to cover something (not sure what) of circa £8.5k which they say they will pay tax free - how can they do that? Is it legal ? Will we get stung for tax at a later date? And what pitfalls should we be looking out for?
Thanks
As long as the redundancy payment is not in his contract and genuinely for loss of office then it will be tax free.....0 -
Is there any specific wording that we need to have in there? Really nervous about 'tax free' as don't want to get stung further down the line with no comeback0
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Get the word compensation in somewhere and it will be fine0
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