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Termination Pay (Tax)

LegacyUser · 2011-06-09 23:23:56

Hi Recently been informed that my employers will be terminating my contract. I have been with the company 11 months and the company (IT) have run into financial trouble. They have offered me 6 weeks pay as a termination payment, obviously not entitled to statutory redundancy as havent been there 2 years. So, the amount…

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10-06-2011 12:23am

#1

LegacyUser

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Posts: 125685

Hi

Recently been informed that my employers will be terminating my contract. I have been with the company 11 months and the company (IT) have run into financial trouble. They have offered me 6 weeks pay as a termination payment, obviously not entitled to statutory redundancy as havent been there 2 years.

So, the amount comes to just over 12k gross, will i be taxed on this or does the exemption apply to me as i have only been there a year? Say for example the gross amount came to 10k, would i be still pay tax?

Thanks

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