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Employment Law News

Budget 2016: Amendments to taxation of termination payments

Anyone who has ever been party to a settlement agreement will most likely be aware that an employee gets the first £30,000 of any termination payment tax-free, with any excess subjected to income tax as normal. The current position is that, even for the portion of a termination payment which exceeds the threshold and is taxable, National Insurance Contributions (NICs) are not payable.

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Updates from the Employment Tribunal – awards and statistics

As of 6 April 2016, Employment Tribunal awards will increase. The maximum compensatory award will be the lower of a year’s pay and £78,962 (increasing from £78,335). The upper limit on a week’s pay, which is relevant to various calculations including statutory redundancy payments and basic awards for unfair dismissal, rises to £479 from £475.

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