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Your client, Jessica, has requested advice in relation to the tax liability arising on a redundancy payment, the options available to relieve her share of a partnership trading loss, and the maximum contribution she can make to a personal pension scheme. Jessica:
– Is resident and domiciled in the UK. – Was employed by Berens Ltd up to 31 March 2018, when she was made redundant.
– Will become a partner in the Langley Partnership on 1 July 2018.
– Has never made any disposals for capital gains tax (CGT) purposes. Jessica – income from Berens Ltd: – Jessica received an annual salary from Berens Ltd of £145,000 each year from the tax year 2015/16.
– From 6 April 2017, Jessica was provided with a new company laptop computer, which cost Berens Ltd £850. Jessica had significant private use of this laptop computer. Jessica – other income:
– Prior to the tax year 2017/18 Jessica had no other source of income.
– Starting from the tax year 2017/18, Jessica receives rental income of £6,000 each tax year. Jessica – redundancy package from Berens Ltd:
– The package, received on 31 March 2018, included a statutory redundancy payment of £18,000 and an ex‑gratia payment of £32,000.
– As part of the package, Berens Ltd also allowed Jessica to keep the laptop computer, which had a market value of £540 on 31 March 2018. The Langley Partnership: – Prior to 1 July 2018, there were two partners in the partnership – Issa and Finn. – From 1 July 2018, the profit sharing ratio will be: Issa 20%, Finn 40%, and Jessica 40%.
– The budgeted tax-adjusted trading (loss)/profit of the partnership is:
– Year ending 31 March 2019 – (£160,000) – Year ending 31 March 2020 – £205,000. Jessica – personal pension plan contributions: – Jessica joined a registered personal pension scheme on 1 May 2018. – She has not previously been in any pension scheme.
– She wishes to make the maximum possible contributions which will qualify for tax relief in each of the tax years 2018/19 and 2019/20.
Required: (a) Explain, with supporting calculations, the taxable amount of the redundancy package received from Berens Ltd on 31 March 2018, and calculate the income tax payable on it by Jessica. (5 marks)
