SE13520 - Termination payments and benefits: Section 148 ICTA 1988: £30,000 exemption: payments and benefits received on or after 6 April 1998

Paragraph 7(4) Schedule 11 ICTA 1988

SE13530 explains that there are different rules for applying the £30,000 exemption to payments and benefits within Section 148 ICTA 1988, depending on the date of receipt. SE13110 defines “received” for this purpose.

For payments and benefits received on or after 6 April 1998, the rule is that the £30,000 exemption is set off:

• first, against cash benefits as they are received in the year, and
• second, against the aggregate of non-cash benefits at the end of the year

See example SE13955