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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I am due to get voluntary redundancy money of approx 46K

Resolved Question:

Hi, i am due to get voluntary redundancy money of approx 46K paid into my bank account around 24th-31st march 2016. Is there a way that i can change that so that it is paid into my account in the new tax year after 6th April?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloIn broad terms, a cash compensation payment is “received” for tax purposes on the earlier of the date of actual receipt or the date on which the individual is entitled to require payment.The employer must follow the laws for the reporting and the payment. Your date is set so the employer cannot defer the payment now.
Customer: replied 1 year ago.
I will be paid in lieu of notice as we are supposed to give 12 weeks notice, the 24th March is the date i will leave the company but will still be paid (as it's my notice period) until the third week of April, which is in the new tax year. So does your answer still apply?
Expert:  TaxRobin replied 1 year ago.
Yes it does.
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