Redundancy and taxes

[Kelv]

Just a random quickie question, but does anyone know if redundancy payouts and packages are subject to being taxed?
or, is there an upper limit of a redundancy payout before if becomes taxable?

cheers.

 

[Fernandez]

I believe it's tax free up to around 30k. After that you get taxed or you can put money into a pension tax fee

 

[Leethelips]

As Fernadez says mate have a look here for more info www.hmrc.gov.uk/individuals/redundancy-ee.htm

 

[Kelv]

I've got a meeting in the morning to discuss options, this was just something that was niggling my mind.

cheers Angel, I've already got 23yrs paid into a very decent pension scheme, but talks tomorrow of redundancy and retiring me off with disabilities, I wasn't sure if there was a upper limit on redundancy being tax free, but you've possibly answered that.
my last voluntary redundancy offer 4yrs back was just shy of 40k, so I'm hoping a lucrative offer may be on the cards tomorrow.

im all for being mortgage free if I can be now, so this could work, but weighing up the options and discussions to follow.