Will my payment be taxed differently?

Based on specialist taxation advice, Targeted Voluntary Employment Separation payments are required to be treated as Employment Termination Payments (ETPs) rather than genuine redundancy payments (GRPs) for taxation purposes.

The revised MPSS provides for a Head of Agency to approve an additional payment intended to provide a comparable net financial outcome at the time of payment to that which would have applied had the relevant payment qualified for taxation treatment as a GRP.

Individual circumstances can differ, and employees may wish to seek independent financial or taxation advice.