Tax on Lump Sum received for Loss of Future Earnings

V

VantheMan

Guest
Just looking for advice please. I'm due to be paid out 25k in Dec 2010, 15k in Dec 2011 & 10k in Dec 2012 for loss of earnings after a 33 year overtime agreement was ceased. What tax am I liable to pay on these lump sums and is there anyway of avoiding paying the tax?
Thanks
 
No job is safe....we had guaranteed overtime for 33 years at the companies insistance. It was a holiday cover agreement. You couldn't take holidays without someone being available to cover you. When things were good this worked well for the company as they had cover weekends at night even when people didn't want to be there, it also boosted every workers income. Things are quiet now and the company want rid. The Labour Court made the above ruling that the company must pay the above sums over three years to get rid of the agreement.
 
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