Tax Status Of Loss Of Licence
Hi GMH,
Thanks again for the comments.
A couple of lawyer friends have confirmed your interpretations, so I think I will probably have to accept the ruling. I discussed appealing against the decision but they didn't hold out any success.The legal services of Prospect won't cover an income tax problem, and I'm just awaiting a response from GATCO legal services.
I realise that I am one of the fortunate ATCOs with LOL as many of our younger colleagues do not have that as an employment benefit. I am approaching retirement age in a couple of years, so I should be really thankful to be in this position. Financially, it would make sense to put as much of the lump sum as possible into my pension fund to minimise the tax implications by using the carry forward of unused pension allowance from the three previous tax years.
Thanks again for all the comments, Much appreciated
Best Wishes