Redundancy Insurance

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Redundancy Tax

Up to the first £30,000 of any compensation payment can be paid to you without deduction of tax if it is made in connection with the termination of your employment. This also applies to statutory redundancy payments. This tax exemption applies whether the payment is made as a result of an unfair dismissal claim or for breach of contract. However if your contract of employment gave you a right to compensation on ceasing to be employed or payment in lieu of notice, then the lump sum you receive will be taxable, regardless of the amount.

Any benefits which arise after termination will be taxed only when they are actually received or 'enjoyed' rather than being taken into account in the actual redundancy year.

If you have ceased employment permanently, you will need to send your P45 form, which your employer will have given to you, to your tax office whose district is shown on the form.

If you are between jobs, you will need to hand in your P45 form when you claim benefits. The Benefits Agency will advise you on the proportion of your jobseeker's allowance that is taxable and will deal with any tax refund due at the end of the tax year.

Alternatively, if you are not entitled to benefits, send in your P45 to your tax office telling them you are temporarily unemployed. If you don't manage to start a new job by the following April 5, check your total income and tax to see if there is a repayment or underpayment of tax due.

The bottom line is that no matter how generous your Redundancy Pay is, it is seldom enough to ensure financial stability until new employment is obtained. Of course there is also tax to consider.

This is where Redundancy Insurance comes in. Getting Redundancy Protection from an independent broker such as UKinsuranceNET guarantees that you will receive truly impartial advice pertaining to your own individual circumstances.

UKinsuranceNET Accident, Sickness & Redundancy Insurance policies can be tailored to suit your individual needs. Simply click for a quote. Alternatively speak to one of our highly experienced consultants today on 0845 365 1264 or fill out our online quote request form and one of our advisors will contact you.