Subscribe to our newsletter

sign up

Termination award tax change from April 2020

Rules set to come into force in 2020 will align the income tax and national insurance contributions (NICs) on termination awards and sporting testimonials, closing a current loophole, which allows effective tax planning.

Shared by Accountancy Daily
April 30, 2019

share this article

The National Insurance contributions (NICs) Bill introduces a simplification of the tax system reforming the current situation where termination awards and sporting testimonials are treated differently for income tax and NICs and was introduced into parliament on 25 April 2019.

Read more at the Accountancy Daily.

HMRC says it will offer online AO complaints service

Funding gap for women entrepreneurs hits £1.3tn

related articles

Working from home may bring unexpected tax relief so don’t miss out

Mini umbrella company (MUC) fraud awareness

Aviation Stakeholders consulted over CAA’s plan to reform Air Travel Organisers’ Licensing

Welsh businesses get further funding relief but more support still needed

Directors to face bans for finding loopholes to avoid Covid loan repayments

eBay launches small business loan service for its 300,000 SME sellers

must reads

latest poll

When it safe to do so do you anticipate that your business will want to facilitate more employees working from home than it used to?

View previous polls

recent comments

array(2) { [0]=> object(stdClass)#9292 (31) { ["id"]=> string(5) "22542" ["contentid"]=> string(5) "38256" ["component"]=> string(11) "com_content" ["ip"]=> string(14) "162.158.88.232" ["userid"]=> string(1) "0" ["modified_by"]=> string(1) "0" ["date"]=> string(11) "6 days ago." ["modified"]=> string(19) "0000-00-00 00:00:00" ["name"]=> string(8) "Turchyna" ["email"]=> string(0) "" ["website"]=> string(0) "" ["notify"]=> string(1) "0" ["title"]=> string(0) "" ["comment"]=> string(34) "This is not about assisting tax..." ["published"]=> string(1) "1" ["deleted"]=> string(1) "0" ["spam"]=> string(1) "0" ["voting_yes"]=> string(1) "0" ["voting_no"]=> string(1) "0" ["parentid"]=> string(2) "-1" ["importtable"]=> string(0) "" ["importid"]=> string(1) "0" ["importparentid"]=> string(2) "-1" ["unsubscribe_hash"]=> string(32) "0731f5bb6040dbba569c7adf69275b5a" ["moderate_hash"]=> string(32) "4857ac60c658eb7df425da7077189d75" ["customfields"]=> string(0) "" ["user_realname"]=> NULL ["user_username"]=> NULL ["user"]=> string(8) "Turchyna" ["link"]=> string(57) "/component/comment/?task=comment.gotocomment&id=22542" ["overlayComment"]=> string(103) "This is not about assisting tax payers/business to understand their tax liabilities and performance:..." } [1]=> object(stdClass)#9319 (31) { ["id"]=> string(5) "22541" ["contentid"]=> string(5) "38256" ["component"]=> string(11) "com_content" ["ip"]=> string(14) "162.158.155.46" ["userid"]=> string(1) "0" ["modified_by"]=> string(1) "0" ["date"]=> string(11) "1 week ago." ["modified"]=> string(19) "0000-00-00 00:00:00" ["name"]=> string(6) "DAVID " ["email"]=> string(0) "" ["website"]=> string(0) "" ["notify"]=> string(1) "0" ["title"]=> string(0) "" ["comment"]=> string(43) "Fully agree. My retirement is now a year..." ["published"]=> string(1) "1" ["deleted"]=> string(1) "0" ["spam"]=> string(1) "0" ["voting_yes"]=> string(1) "0" ["voting_no"]=> string(1) "0" ["parentid"]=> string(5) "22539" ["importtable"]=> string(0) "" ["importid"]=> string(1) "0" ["importparentid"]=> string(2) "-1" ["unsubscribe_hash"]=> string(32) "10feed775d579a7b170a7dd3227a34c9" ["moderate_hash"]=> string(32) "6c4e64efb7fa7a4da239f95dcead67b5" ["customfields"]=> string(0) "" ["user_realname"]=> NULL ["user_username"]=> NULL ["user"]=> string(6) "DAVID " ["link"]=> string(57) "/component/comment/?task=comment.gotocomment&id=22541" ["overlayComment"]=> string(68) "Fully agree. My retirement is now a year earlier that I anticipated." } }