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The information the company has given me states that " if you are aged 55 or over, HMRC may consider that you are retiring and as a result you may not be eligible for the full £30k exemption and only statutory redundancy pay may be tax free"
Addition service pay is the additional payment by the company as " extra financial compensation when being made redundant"
Thanks for that, just to clarify, you believe that I would get the full £30k exemption and the rest presumably taxed at 40%.
I am planning to take the cash lump sum from my pension approx. 8 wks. later which will pay £17k per annum approx. Consultation period ends 8th April & I believe will have to work a further 4 weeks of my notice period, being paid for 12 wks.Currently earn £42k/yr.