Page 1 of 1
Posted: Tue May 13, 2014 6:24 pm
by Kirsty.cr
Hi can someone pls explain in lamon terms the difference between a windfall and a one off payment. If you have to pay tax on the amount you receive is this not classed as a windfall. Thank you
Posted: Tue May 13, 2014 6:33 pm
by Shining
Hoping one of our experts and maybe Foggy can explain in laymans terms. Sorry I'm not much help but will keep it bumped up for you.
Posted: Tue May 13, 2014 6:59 pm
by Foggy
Hi. In basic terms a windfall is unearned ( not related to work), like an inheritance, lottery win or insurance payout.
Anything work related, like overtime or bonus payment falls under the 50/50 provisions.
Paying tax on the money does not, in itself, affect it's definition.