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New rules for taxation of termination payments

09 Apr

New rules for taxation of termination payments

Employers will need to pay Income Tax and Class 1 National Insurance contributions (NICs) on an element of all termination payments from 6 April 2018. This change applies to payments, or benefits received on, or after, 6 April 2018 in circumstances where the employment also ended on, or after, 6 April 2018.

For more information, please visit this article.

source: – taxagents.blog.gov.uk

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