HMRC looks to reform rules on tax and termination payments
Consultation published running until 16 October
The Government has issued a consultation on its plans to simplify the rules around tax and termination payments.
The consultation particularly seeks views on:
* removing the distinction between contractual and non-contractual termination payments and whether this will make it easier for employers and employees to understand * the design of the new exemption from income tax and NICs * whether the income tax and National Insurance treatment of termination payments should be aligned * which of the existing exemptions which remove the liability to income tax should be retained and whether any new exemptions should be introduced
The consultation paper can be downloaded from the gov.uk site here. Responses are required by 16 October.
Published: 29/07/2015 09:58