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Posted Tue, 11 Jun 2024 09:53:13 GMT by A G
Dear HMRC Community, Would you be able to help me with the following bonus clawback case: I have the opportunity sign a contract in 2024 with a sign-on bonus of 300 000 which I need to repay in the event of departure during next 1 year. The sign-on is to be paid in 2024 Sept. Under the assumption of 45% tax and 2% NI, my net income from sign-on would be 159 000. If my total income for 2025 tax year is 130 000 and I would have to repay the sign-on bonus in full in case of departure in 2025, my pre-tax income for 2025 would be: 130 000-300 000=-170 000. Through PAYE 45% tax and 2% NI would be deducted from my gross salary 130 000. My after tax income from salary for 2025 would be 68 900. If I don't have other income, how much tax refund I would be eligible to (given net taxable earnings of -170 000)? Thank you in advance!
Posted Thu, 13 Jun 2024 16:22:00 GMT by HMRC Admin 20 Response
Hi,
HMRC cannot advise on future events as legislation and/or plans may change.
Thank you.

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