With redundancies on the rise due to coronavirus, it is important to understand how termination payments work.

You might have a £30,000 tax-free figure in the back of your mind, and at first glance you are not wrong.

However, new rules were announced back in 2018 and additional changes came into effect in April 2020.

Read our article to find out the types of termination payments, how it works in practice and the long-term planning that you should be considering now.