Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 04 Oct 2024 12:40:12 GMT by mladu
Hi, What is the tax to be paid on an amount of £60000 received by a former employer as a settlement agreement. I understand the first £30.000 are tax free but it seems that the remaining £30.000 have been taxed at a 40% rate and also excluding the personal allowance of £12,570. Please could you advice.
Posted Mon, 14 Oct 2024 09:15:12 GMT by HMRC Admin 17 Response

Hi ,
 
Thank you for your enquiry.

We are unable to advise the amount of tax due on termination payments to employees.

You should contact the non statutory clearance team by completing the Annex A form.

They can avise you further.

I have attached a link to the Annex A form and their email address is shown on the form.

See :  Non-Statutory Clearance Service guidance: annexes  .

Thank you .

You must be signed in to post in this forum.