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A Readers’ Forum question resulted in clarification of negative earnings and employment losses
KEY POINTS
- A question on the subject of negative earnings leads to a tribunal hearing.
- Part of a signing bonus had to be repaid by the employee when he ceased employment.
- The calculation of net taxable earnings in accordance with ITEPA 2003 s 11.
- The concept of negative earnings.
- Relief for employment losses under ITA 2007 s 128.
Four years ago I wrote an article about employment losses in response to a Readers’ Forum query on the subject. After publication I was contacted by an accountant whose client was in a similar situation.
Cutting to the chase that client’s case (Mr Julian Martin (TC/2010/2791 and TC/2011/3869)) has just been heard by the First-tier Tribunal with the decision in favour of...
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