Tax free redundancy package should be increased from £30,000 to £60,000

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Tax free redundancy package should be increased from £30,000 to £60,000

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The HMRC currently allows a concession, pursuant to the Income Tax (Earnings & Pensions) Act 2003, whereby the first £30,000 of a compensation payment for loss of employment, can be paid free of income tax and national insurance deductions.

The limit has been set at £30,000 for more than 30 years now and an increase is long overdue.

If it was increased in line with RPI, it would be at least £100,000 tax free.

Increasing the tax free limit would do much more to help more people made redundant and reduce the burden on employers.

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