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3 Cards in this Set
- Front
- Back
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What is fully exempt on termination? |
1. Payments made on death, injury or disability as a result of employment 2. Lump sum payments under registered pension schemes |
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What are fully taxable termination payments? |
1. Compensation for loss of employment as a result of contractual entitlement (PILON) 2. Payments as a reward for services (bonus) |
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Payments that are partially exempt |
1. Ex gratia = up to 30k 2 conditions: and at employers discretion Payment is non contractual (ex gratia) and at employers discretionPayment cannot coincide with retirementTaxed after dividends (top slice) Payment cannot coincide with retirement Taxed after dividends (top slice) |
