[402D “Post-employment notice pay”]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[402D  “Post-employment notice pay”]

[(1)     “The post-employment notice pay” in respect of a termination is (subject to subsection (11)) given by—

((BP x D) / P) - T

ɳ—

BP, D and P are given by subsections (3) to (7), and

T is the total of the amounts of any payment or benefit received in connection with the termination which—

(a)     would fall within section 401(1)(a) but for section 401(3),

(b)     is taxable as earnings under Chapter 1 of Part 3,

(c)     is not pay in respect of holiday entitlement for a period before the employment ends, and

(d)     is not a bonus payable for termination of the employment.

(2)     If the amount given by the formula in subsection (1) is a negative amount, the post-employment notice pay is nil.

(3)     Subject to subsections (5)[, (6) and (6A)]—

BP is the employee's basic pay (see subsection (7)) from the employment in respect of the last pay period of the employee to end before the trigger date,

P is the number

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Repudiation

RepudiationThis Practice Note concerns repudiation and sets out what a repudiatory breach of contract means. It explains how a repudiatory breach goes to the core of the contract and the options or remedies available to an innocent party as a result of the other party’s repudiation, which include

LEXISNEXIS

The Financial Assistance Scheme—what are the available benefits?

The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme

LEXISNEXIS

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

LEXISNEXIS

Legal Services Board

Legal Services BoardThe Legal Services Board (LSB) is the single independent oversight regulator of the legal profession and sector in England and Wales. It does not directly regulate individual lawyers and, in most circumstances, will not directly regulate firms.Mandate and structureThe LSB is the