Tax On Redundancy Payment

[barney15c]

On a sum of £70000 - how much tax would have to be paid?
First £30000 is tax free, but do you pay 20% on £30001 - £50271 and then 40% on £50272 - £70000.
Or do you pay 40% on £30001 - £70000?

[jennyjoan]

some years back I received £7,000 - I had to pay back £3,000 tax - which left me £4,000.

[Hymie]

A final thought, barney15c has said that he expects an offer of around £70k – he might like to revise that expectation in light of posts in this thread, unless he has something in writing to the contrary.

[KyleHargreaves]

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[KyleHargreaves]

We are providing Tax Rebate Services in the UK. Our Services includes e.g Mechanic tax rebate, Teacher Tax Rebate and Health Care tax rebate etc. Our Tax Rebate Services has agreed processes in place with the tax office which streamlines the tax refund process and means you can claim the maximum you’re owed without fuss.
https://taxrebatestoday.co.uk/

[barney15c]

Sorry to take so long getting back. My confirmed redundancy offer is very nearly £70k which is 21 months pre tax salary. I work for the civil service and went on voluntary redundancy terms. I have nearly 42 years service. The offer will allow me to live of it until i take my pension in 17 months time. what i'm more concerened with is if i'm taxed at the 20% or 40% rate. No NI contributions come out of it.

[barney15c]

i forgot to add i go at the end of this month (August).

[jennyjoan]

I worked for 40 years in the Civil Service and received £28,000 - always believed it was never enough as my friend who worked part-time received roughly the same amount.

you're lucky Barney thats a good amount but I am thinking you are in a higher position than I was. However I did ask a girl in Personnel (at the time) to work out my redundancy and then she quoted me around £70,000 - imagine my disappointment with the £28,000