The Finance Bill 2017 has been fast-tracked through the legislative process, in light of the snap general election being held on 8 June 2017. In doing so, the government has left out of the Bill changes to the taxation of termination payments. Those changes included measures:
- requiring employers to subject to tax an amount equivalent to the employee’s basic pay if notice is not worked
- making all termination payments subject to class 1A National Insurance Contributions above the £30,000 threshold
It is anticipated that the provisions that have been deferred will reappear, and be debated in full, after the general election.