Lifting at work
Discussion
you can give one last try to them agreeing to the following (delete as appropriate if the comp payment is under £30k)
"an ex-gratia sum of £xx,xxx by way of compensation for loss of office and employment (the Compensation Payment).
The first £30,000 of the Compensation Payment will be paid to you without deduction of income tax or employee's national insurance contributions pursuant to the exemptions in Section 403 and Schedule 7 of the Income Tax (Earnings and Pensions) Act 2003. Income tax will be deducted by the Company from the balance of the Compensation Payment at the appropriate HM Revenue & Customs rate. The Company makes no warranty as to the taxable status of the payment made under this Agreement"
I also can't understand why they would not want to 1) have the agreement reviewed and 2)Make it more tax efficient.
They do sound rather amateur. Hope a new & better job comes soon
"an ex-gratia sum of £xx,xxx by way of compensation for loss of office and employment (the Compensation Payment).
The first £30,000 of the Compensation Payment will be paid to you without deduction of income tax or employee's national insurance contributions pursuant to the exemptions in Section 403 and Schedule 7 of the Income Tax (Earnings and Pensions) Act 2003. Income tax will be deducted by the Company from the balance of the Compensation Payment at the appropriate HM Revenue & Customs rate. The Company makes no warranty as to the taxable status of the payment made under this Agreement"
I also can't understand why they would not want to 1) have the agreement reviewed and 2)Make it more tax efficient.
They do sound rather amateur. Hope a new & better job comes soon
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