Major Changes to Taxation of Employee Termination Payments in the UK
From 6 April 2018, the way in which termination payments are taxed in the UK is going to be significantly overhauled. Under the wholly inaccurate badge of "simplification", the UK Government's changes are complex and have the potential to result in widespread confusion. To view our webinar on this tricky subject, led by Partner Stephen Ratcliffe of our London Office's Employment Department, click here.
NEWSFLASH: In the webinar, Stephen discusses the lack of clarity over exactly when the changes will take effect. Please note that since this webinar was recorded, HM Revenue & Customs has confirmed its position on that issue. HMRC has now published guidance stating that the new rules will only apply where the employee's employment is terminated on or after 6 April 2018 and payment is made on or after that same date. Therefore, these rules do not need to be applied to any employee whose employment terminates before 6 April 2018.