We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tax on tribunal payout
Options
thommo
Posts: 183 Forumite
I wonder if anyone could help me. I was made redundant after 33 years service two years ago and have since won an employment tribunal against my former employer on the grounds of unfair dismissal and disability discrimination.
I originally used up the tax free amount of 30k when I was paid my redundancy and now I have a remedy hearing at the end of next week. As I understand it the 30k allowance isn't set to a particular tax year so any award I get will be taxable.
My question is will the award be added to my earnings from 2020/21 or will it be taxable in the present tax year.
I originally used up the tax free amount of 30k when I was paid my redundancy and now I have a remedy hearing at the end of next week. As I understand it the 30k allowance isn't set to a particular tax year so any award I get will be taxable.
My question is will the award be added to my earnings from 2020/21 or will it be taxable in the present tax year.
0
Comments
-
what was the outcome of this?
Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards