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Tax On Severance/redundancy Payments


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Can someone confirm whether severance or voluntary redundancy payments are subject to witholding tax deduction by employer on payment, and indeed are taxable as per normal salaried income?

I have heard conficting answers but believe it is taxable income.

One source informs me that if the job position was held for less than 5 years the redundancy payment is taxable at normal rates.

Many thanks - tax return time approaching!

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