2 articles tagged with 30000 Tax Free Redundancy.
The first £30,000 of genuine redundancy pay is tax-free everywhere in the UK. On a £45,000 payout, the £15,000 excess is taxed as ordinary income at your marginal rate — and that rate depends on where you live. A worker with £20,000 other income pays £895.77 more tax in Scotland; a higher earner pays £527.10 more.
The first £30,000 of most redundancy payments is tax-free, but not every part of a redundancy package qualifies — and anything above £30,000 is taxed at your marginal rate. Here's how to work out what you'll actually receive.
