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Income Tax (Earnings and Pensions) Act 2003 section 42-43
Payments and benefits on termination of employment etc.
Sections 42 and 43 of Schedule 7 provide transitional rules for the tax treatment of termination payments and benefits, ensuring that payments already taxed under previous legislation are not taxed again and that the £30,000 tax-free threshold is correctly applied where payments span both the old and new tax regimes.
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