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Exit Pay Cap Revoked

Please note that the Government has announced today (12th Feb 2021) that the Exit Pay Cap Regulations have been revoked due to their “unintended consequences”.

HM Treasury has issued guidance to employers and employees who have made capped payments under the Regulations encouraging employers to pay any former employees who left between 4th November 2020 and 12th February 2021 any additional sums that would have been paid had the cap not been applied.

A link to the HMT guidance is provided below:-

HMT guidance document

We will keep you informed of any further guidance.