Each compromise agreement has a tax indemnity. It usually causes a lot of discussions when we are advising Employees. It is a safe guard for the Employer in case the Employer has to make a payment to the Inland Revenue in respect of pyaments made to an Employee under a compromise agreement. A typical tax indemnity provision is as follows:-
- Except in respect of income tax or employee’s National Insurance contributions deducted by the Employer, the Employee undertake to be, responsible for any income tax, employee’s National Insurance contributions, fines, interest, costs and/or penalties arising in respect of all and any of the payments made and benefits provided under this Agreement (“Tax Liability”) including, for the avoidance of doubt any Tax Liability on the first £30,000 of the Compensation Payment and Employee indemnify and will keep indemnified the Employer and any companies associated withthe Employer against any claim or demand which is made against the Employer or any companies associated withthe Employer in respect of any such Tax Liability. The Employee undertake immediately to pay to the Employer on demand any such Tax Liability.
That’s fine.
Employment Team
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We appreciate your comments.
Employment Law Team
http://www.rtcoopers.com/practice_employment.php
http://www.rtcoopers.com/faq-redundancyemployee.php
http://www.rtcoopers.com/redundancy.php
http://www.employmentlawyersinlondon.com/video.php
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We appreciate your positive feedback.
Employment Law Team
http://www.rtcoopers.com/practice_employment.php
http://www.rtcoopers.com/faq-redundancyemployee.php
http://www.rtcoopers.com/redundancy.php
http://www.employmentlawyersinlondon.com/video.php
http://www.employmentlawyersinlondon.com
© RT COOPERS, 2010. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances
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Employment Team
http://www.rtcoopers.com/practice_employment.php
http://www.rtcoopers.com/faq-redundancyemployee.php
http://www.rtcoopers.com/redundancy.php
http://www.employmentlawyersinlondon.com/video.php
http://www.employmentlawyersinlondon.com
© RT COOPERS, 2010. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances
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Thanks very much for taking the time to let us know
If you require legal advice on compromise agreements, please contact RT Coopers at enquiries@rtcooperssolicitors.com or visit one of the following pages on employment law:
http://www.rtcoopers.com/practice_employment.php
http://www.rtcoopers.com/faq-redundancyemployee.php
http://www.rtcoopers.com/redundancy.php
http://www.employmentlawyersinlondon.com/video.php
http://www.employmentlawyersinlondon.com
© RT COOPERS, 2010. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances
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do you have to pay tax on a compermise agreement even though you are not leaving the company where the sum you recive is £1800