Settlement Agreement Lawyers & Solicitors – Redundancy

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Taxation of Redundancy Payment

February 26th, 2009 · No Comments · Basic Rate of Tax, Compromise Agreements

This week we have had so many employment clients seeking advice on their Compromise Agreements and asking us the same question over and over again i.e.  whether it is basic rate tax or the higher rate tax that is payable on compensation by an employer for making an employee redundant. The answer is any amount over £30,000.00 will be subject to basic rate tax. That is any compensation payment over that amount. I hope this clears up this query.


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