(a) Income tax implications of the redundancy package The statutory redundancy pay is fully exempt from income tax. However, it reduces the £30,000 exemption available for the ex-gratia payment.
The taxable amount of the ex-gratia payment is therefore £20,000 (£32,000 – (£30,000 – £18,000)). The cash equivalent of the gift of the laptop computer must also be included. This is the higher of: (1) the market value at 31 March 2018, i.e. £540; and (2) the value of the laptop computer at the date it was first provided to Jessica, less the amounts subsequently taxed on her as a benefit, i.e. £680 (£850 – £170 (20% x £850)) The total taxable amount of the package is therefore £20,680 (£20,000 + £680).
The package is taxed as the top slice of Jessica’s income for the tax year 2017/18, so the income tax payable on the redundancy package will be £9,306 (£20,680 x 45%). Tutorial note: Jessica’s taxable income for the tax year 2017/18 already exceeds £150,000 (salary £145,000 + rental income £6,000; no personal allowance is available). Jessica is therefore an additional rate taxpayer.
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