SE13250 - Termination payments and benefits: treatment of non-cash benefits within Section 148 ICTA 1988

Section 148 ICTA 1988(3) [as enacted before FA 1998] & Section 148 ICTA 1988(1) ICTA 1988

A termination settlement frequently includes items that are not payments of money. Where they are taxable only under Section 148 ICTA 1988 (see SE12810 and SE13030), follow these instructions:

• where the benefit is received on or after 6 April 1998 see SE13270
• where the benefit is received before 6 April 1998: see SE13255

SE13110 explains what “received” means.

Note that for terminations between 6 April 1996 and 5 April 1998, “transitional” arrangements applied if the taxpayer elected for them: see SE13260