Termination payment was taxable as employment income.
In S Mathur v HMRC [2024] UKUT 38 (TCC) (12 February 2024) the Upper Tribunal (UT) held that the First-tier Tribunal (FTT) did not err in law in deciding that a payment made to the appellant Ms Mathur by her former employer in settlement of Employment Tribunal (ET) proceedings was subject to income tax as employment income under ITEPA 2003 s 401(1)(a).
In 2015 Ms Mathur’s employment was terminated by Deutsche Bank following regulatory investigations into the manipulation of interbank offered rates. Ms Mathur began ET proceedings against her former employer alleging harassment discrimination and victimisation. Following a preliminary hearing but before a full hearing the parties entered into a settlement agreement pursuant to which the bank paid Ms Mathur £6m in full and final settlement of her claims without admitting liability.
ITEPA 2003 s 401(1)(a) provides...
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Termination payment was taxable as employment income.
In S Mathur v HMRC [2024] UKUT 38 (TCC) (12 February 2024) the Upper Tribunal (UT) held that the First-tier Tribunal (FTT) did not err in law in deciding that a payment made to the appellant Ms Mathur by her former employer in settlement of Employment Tribunal (ET) proceedings was subject to income tax as employment income under ITEPA 2003 s 401(1)(a).
In 2015 Ms Mathur’s employment was terminated by Deutsche Bank following regulatory investigations into the manipulation of interbank offered rates. Ms Mathur began ET proceedings against her former employer alleging harassment discrimination and victimisation. Following a preliminary hearing but before a full hearing the parties entered into a settlement agreement pursuant to which the bank paid Ms Mathur £6m in full and final settlement of her claims without admitting liability.
ITEPA 2003 s 401(1)(a) provides...
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