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{"sheet":"Home","index":0,"n_rows":33,"n_cols":31,"rows_kept":33,"cut":false,"hidden":false,"merged":[[24,1,33,9],[21,7,21,8],[22,7,22,8],[0,1,0,2],[0,4,0,5],[3,1,3,2],[3,4,3,10],[6,1,6,2],[7,1,20,10],[22,1,22,2],[4,1,4,2]]}
[null,"Redundancy Sacrifice Demonstrator\nbuilt by M&G",null,null,"Tax Year 2023/24"]
[]
[]
[]
[null,"This tool is for UK financial advisers only. "]
[]
[null,"Important information about this tool"]
[null,"The tool is designed to give an individual an estimate of the tax and national insurance impact of a decision to exchange some or all of a redundancy payment for an employer payment into their pension.\n\nIt does not take into account all the possible individual circumstances that may impact on the tax position of the individual. \n\nIt should not be taken as offering advice or any recommendation.\n\nYou should be satisfied that the information you have entered into the calculator is correct, for example this tool will assume that any pension contributions are valid.  You should ensure that the outputs are correct for your client. \n\nThe information in this modeller is based on our current understanding of legislation and HMRC practice, all which is subject to change without notice.\n\nEvery care has been taken as to its accuracy, but it must be appreciated that neither M&G Prudential nor its representatives can accept any responsibility for loss, however caused, suffered by any person who has acted or refrained from acting as a result of material contained in this tool. \n\nPlease note, this tool will cease to operate at the end of the tax year displayed above. "]
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[]
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[]
[]
[]
[null,null,null,null,"USE\nTHE\nTOOL"]
[null,"Important information about the calculations"]
[]
[null,"This calculator is designed to demonstrate the impact on income tax, national insurance and pension provision where exchanging the taxable element of redundancy for an employer's pension contribution.\n\nThe calculator is only suitable for individuals under state pension age.\n\nEmployee National Insurance is using the \"Effective Annual Rate\" of 11.5%, which factors in the 2% reduction from 6 January 2024 for Primary Class 1 National Insurance. \n\nThe above is based on our understanding of current taxation, legislation and HM Revenue & Customs practice all of which is subject to change without notice."]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CRIT Relief at Source - GROSS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gross RAS Cont",{"$f":"IF(C6=\"Under 75\", J17*(1/(1-#REF!)),0)","v":0},null,"Check on Contn:",null,null,"SRIT Relief at Source - GROSS","CRIT Gross RAS Cont 1",{"$f":"IF(C6=\"Under 75\",J17*(1/(1-#REF!)),0)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exist Gross Cont",{"$f":"J18","v":0},null,"Relief at Source - GROSS","SRIT Gross RAS Cont 1",{"$f":"IF(C6=\"Under 75\",J17*(1/(1-#REF!)),0)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(J18<500000,\"OK\",\"Error, contribution exceeds maximum of £500,000 allowed\")","v":"OK"}]

{"sheet":"Redundancy Sacrifice","index":1,"n_rows":30,"n_cols":15,"rows_kept":30,"cut":false,"hidden":false,"merged":[[29,1,29,11],[0,1,0,2],[0,6,0,7],[18,6,18,11]]}
[null,"Redundancy Sacrifice Demonstrator\nbuilt by M&G",null,null,null,null,{"$f":"Home!E1","v":"Tax Year 2023/24"}]
[]
[]
[null,"ABOUT YOUR CLIENT"]
[null,null,null,null,"Post Sacrifice",null,null,"Pre Sacrifice",null,{"$f":"E5","v":"Post Sacrifice"},null,"Change"]
[null,"Scottish Tax Payer?",null,null,null,null,"Salary + taxable redundancy",{"$f":"C17","v":0},null,{"$f":"E21","v":0},null,{"$f":"J6-H6","v":0}]
[null,null,null,null,null,null,"Less Income Tax ",{"$f":"'Workings (Red Sac)'!E30","v":0},null,{"$f":"'Workings (Red Sac)'!K30","v":0},null,{"$f":"J7-H7","v":0}]
[null,"Salary (after net pay conts)",null,null,null,null,"Less National Insurance (Class 1)",{"$f":"'Workings (Red Sac)'!E43","v":0},null,{"$f":"'Workings (Red Sac)'!K43","v":0},null,{"$f":"J8-H8","v":0}]
[null,null,null,null,null,null,null,{"$f":"H6-H7-H8","v":0},null,{"$f":"J6-J7-J8","v":0}]
[null,"Gross amount of RAS contributions",null,null,{"$f":"C8","v":0},null,"Less Contributions paid net",{"$f":"C10*(1-'Rates and Allowances'!B14)","v":0},null,{"$f":"E13*(1-'Rates and Allowances'!B14)","v":0}]
[null,null,{"$f":"IF(AND(C10>3600,C10>C8),\"This contribution is above the allowable amount based on salary\",\"\")","v":""},null,null,null,"Plus Exempt Redundancy amount",{"$f":"C12-C15","v":0},null,{"$f":"E16-E18","v":0}]
[null,"Redundancy",null,null,null,null,"Take home pay",{"$f":"H9-H10+H11","v":0},null,{"$f":"J9-J10+J11","v":0},null,{"$f":"J12-H12","v":0}]
[null,null,null,null,{"$f":"C10","v":0}]
[null,null,null,null,null,null,"Pension Contribution",null,null,null,null,null,null,{"$f":"L12*-1","v":0},"cost"]
[null,"Redundancy net of exemption",{"$f":"MAX(0,C12-'Rates and Allowances'!B50)","v":0},null,null,null,null,null,null,null,null,null,null,{"$f":"(J16*0.75*C24)","v":0},"Tax on 75% of pot"]
[null,null,null,null,{"$f":"C12-C20","v":0},null,"Amount before PCLS and tax",null,null,{"$f":"E28","v":0}]
[null,"Total Income",{"$f":"C8+C15","v":0},null,null,null,"Amount after PCLS and tax",null,null,{"$f":"J16*0.75*(1-C24)","v":0}]
[null,null,null,null,{"$f":"MAX(0,E16-'Rates and Allowances'!B50)","v":0},null,"\"Return\" on reduced take home pay",null,null,{"$f":"IF(J17=0,0%,((J17)/-L12)-1)","v":0}]
[null,null,null,null,null,null,{"$f":"IF(J18<0,\"Net pension is lower than net pay given up\",\"\")","v":""}]
[null,"Amount of redundancy to be exchanged",null,null,null,null,"Employer"]
[null,null,null,null,{"$f":"E10+E18","v":0},null,"Employer Pension Contribution",{"$f":"E20","v":0},null,{"$f":"E28","v":0},null,{"$f":"J21-H21","v":0}]
[null,"Percentage of Employer NI saving to be given up",null,null,null,null,"Plus Salary + taxable redundancy paid",{"$f":"C17","v":0},null,{"$f":"J6","v":0},null,{"$f":"J22-H22","v":0}]
[null,null,null,null,"Employer contribution",null,"Plus Exempt Redundancy amount",{"$f":"H11","v":0},null,{"$f":"J11","v":0}]
[null,"Assumed rate of tax on pension income",null,null,null,null,"Plus Employers National Insurance (Class 1)",{"$f":"'Workings (Red Sac)'!E57","v":0},null,{"$f":"'Workings (Red Sac)'!K57","v":0},null,{"$f":"J24-H24","v":0}]
[null,null,null,null,null,null,"Cost to employer",{"$f":"SUM(H21:H24)","v":0},null,{"$f":"SUM(J21:J24)","v":0},null,{"$f":"J25-H25","v":0}]
[]
[]
[null,null,null,null,{"$f":"C20+(C22*L24*-1)","v":0}]
[]
[null,"Important Information\n- This calculator is designed to demonstrate the impact on income tax, national insurance and pension provision where exchanging redundancy for an employer's pension contribution. \n- Employee National Insurance is using the \"Effective Annual Rate\" of 11.5%, which factors in the 2% reduction from 6 January 2024 for Primary Class 1 National Insurance. \n- Calculates for individuals under state pension age only.\n- Input the pre sacrifice amounts and the sacrifice details in the white boxes\n- Please note, this tool will cease to operate at the end of the tax year displayed above. \n- You can also select a level of taxation for the pension withdrawal, which allows the \"potential return\" on the income sacrificed to be estimated"]

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["Income Tax "]
["Personal Allowance (1)",12570,"22/23 no change",null,null,null,null,null,"Grey boxes not used"]
["Income limit for Personal Allowance",100000,"22/23 no change",null,null,null,null,null,null,null,null,null,null,null,{"$f":"TODAY()","v":"2024-01-05"}]
["Personal Allowance for people aged 65-74 (1)(2)",{"$f":"B2","v":12570},{"$f":"B4-B2","v":0},null,{"$f":"(C4*2)+B5","v":26100},null,null,null,null,null,null,null,null,null,"2024-04-05"]
["Income limit for age-related allowances",26100,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AND(O3>O4)","v":false}]
[]
["(1) From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 - by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age."]
["(2) These allowances reduce where the income is above the income limit for age - related allowances - by £1 for every £2 of income above the limit. From the 2010-11 tax year the Personal Allowance "]
["for people aged over 65 can be reduced below the basic Personal Allowance where the income is above £100,000."]
[]
["Income Tax rates and taxable bands"]
["Rate","Rate applicable","Applicable limits",null,null,null,null,null,"SRIT","UKIT","Scot Limit","UK Limit"]
["Starter rate",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",I13,J13)","v":0},0,"to",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",K13,L13)","v":0},null,null,null,0.19,0,2162,0]
["Basic rate",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",I14,J14)","v":0.2},{"$f":"E13","v":0},"to",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",K14,L14)+E13","v":37700},null,null,null,0.2,0.2,10956,37700]
["Intermediate rate",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",I15,J15)","v":0},{"$f":"E14","v":37700},"to",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",K15,L15)+E14","v":37700},null,null,null,0.21,0,17974,0]
["Higher rate",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",I16,J16)","v":0.4},{"$f":"E15","v":37700},"to",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",K16,L16)","v":125140},null,null,null,0.42,0.4,125140,125140]
["Additional rate",{"$f":"IF('Redundancy Sacrifice'!$C$6=\"Yes\",I17,J17)","v":0.45},"Over ",null,{"$f":"E16","v":125140},null,null,null,0.47,0.45]
[]
["Dividends"]
["Ordinary Rate",0.1]
["Higher Rate",0.32500000000000001]
["Additional Rate",0.42499999999999999]
[]
["Corporation Tax"]
["Standard Fraction for Marginal Relief","3/200",{"$f":"3/200","v":1.4999999999999999E-2}]
["Small Compnaies Rate:"]
["Limit",300000]
["Rate",0.2]
[]
["Main Rate:"]
["Limit",1500000]
["Rate",0.26]
[]
[]
["National Insurance"]
["£ per week","£ per week","£ annually"]
["Upper earnings limit, primary Class 1",null,50270]
["Primary threshold",null,12570,null,{"$f":"C37-C38","v":37700}]
["Secondary threshold",null,9100]
["Employees’ primary Class 1 rate between primary threshold and upper earnings limit",0.115]
["Employees’ primary Class 1 rate above upper earnings limit",0.02]
["Employers’ secondary Class 1 rate above secondary threshold",0.13800000000000001]
[]
["2013 No. 558"]
["SOCIAL SECURITY"]
["The Social Security (Contributions) (Limits and Thresholds) (Amendment) Regulations 2013"]
[]
[]
["Redundancy"]
["Exempt amount",30000]

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[null,"Tax Calculation ",null,null,{"$f":"Home!E1","v":"Tax Year 2023/24"}]
[]
[]
[null,"PRE SACRIFICE",null,null,null,null,null,"POST SACRIFICE"]
[]
[null,"Income Tax Calculation",null,null,null,null,null,{"$f":"B6","v":"Income Tax Calculation"}]
[]
[null,"Allowances",null,null,null,null,null,"Allowances"]
[null,"Adjusted Net Income (for allowance purposes)",null,{"$f":"'Redundancy Sacrifice'!C17-'Redundancy Sacrifice'!C10","v":0},null,null,null,{"$f":"B9","v":"Adjusted Net Income (for allowance purposes)"},null,{"$f":"'Redundancy Sacrifice'!E21-'Redundancy Sacrifice'!E13","v":0}]
[]
[null,"Personal Allowance",null,{"$f":"'Rates and Allowances'!B2","v":12570},null,null,null,{"$f":"B11","v":"Personal Allowance"},null,{"$f":"D11","v":12570},null,null,null,null,"Keep these"]
[null,"Adjustment",null,{"$f":"IF(O12<1,0,(IF(O12>(2*'Rates and Allowances'!B2),-D11,MAX(-D11,O12/-2))))","v":0},{"$f":"SUM(D11:D12)","v":12570},null,null,{"$f":"B12","v":"Adjustment"},null,{"$f":"IF(P12<1,0,(IF(P12>(2*'Rates and Allowances'!B2),-J11,MAX(-J11,P12/-2))))","v":0},{"$f":"SUM(J11:J12)","v":12570},null,null,null,{"$f":"D9-'Rates and Allowances'!B3","v":-100000},{"$f":"J9-'Rates and Allowances'!B3","v":-100000}]
[]
[null,"Total Allowance",null,null,{"$f":"E12","v":12570},null,null,{"$f":"B14","v":"Total Allowance"},null,null,{"$f":"K12","v":12570}]
[]
[null,"Tax Calculation",null,null,null,null,null,{"$f":"B16","v":"Tax Calculation"}]
[]
[null,"Income",null,null,{"$f":"'Redundancy Sacrifice'!C17","v":0},null,null,{"$f":"B18","v":"Income"},null,null,{"$f":"'Redundancy Sacrifice'!E21","v":0}]
[null,"Less ",null,null,null,null,null,{"$f":"B19","v":"Less "}]
[null,"Allowance",null,{"$f":"'Workings (Red Sac)'!E14","v":12570},{"$f":"SUM(D20:D20)","v":12570},null,null,{"$f":"B20","v":"Allowance"},null,{"$f":"K14","v":12570},{"$f":"SUM(J20:J20)","v":12570}]
[null,"Taxable Income",null,null,{"$f":"MAX(0,E18-E20)","v":0},null,null,{"$f":"B21","v":"Taxable Income"},null,null,{"$f":"MAX(0,K18-K20)","v":0}]
[]
[]
[null,"Income",null,null,null,null,null,{"$f":"B24","v":"Income"}]
[null,{"$f":"'Workings(Inc Tax)'!F7","v":0},"@",{"$f":"'Rates and Allowances'!B13","v":0},{"$f":"B25*D25","v":0},null,null,{"$f":"'Workings(Inc Tax)'!L7","v":0},"@",{"$f":"D25","v":0},{"$f":"H25*J25","v":0}]
[null,{"$f":"'Workings(Inc Tax)'!F8","v":0},"@",{"$f":"'Rates and Allowances'!B14","v":0.2},{"$f":"B26*D26","v":0},null,null,{"$f":"'Workings(Inc Tax)'!L8","v":0},"@",{"$f":"D26","v":0.2},{"$f":"H26*J26","v":0}]
[null,{"$f":"'Workings(Inc Tax)'!F9","v":0},"@",{"$f":"'Rates and Allowances'!B15","v":0},{"$f":"B27*D27","v":0},null,null,{"$f":"'Workings(Inc Tax)'!L9","v":0},"@",{"$f":"D27","v":0},{"$f":"H27*J27","v":0}]
[null,{"$f":"'Workings(Inc Tax)'!F10","v":0},"@",{"$f":"'Rates and Allowances'!B16","v":0.4},{"$f":"B28*D28","v":0},null,null,{"$f":"'Workings(Inc Tax)'!L10","v":0},"@",{"$f":"D28","v":0.4},{"$f":"H28*J28","v":0}]
[null,{"$f":"'Workings(Inc Tax)'!F11","v":0},"@",{"$f":"'Rates and Allowances'!B17","v":0.45},{"$f":"B29*D29","v":0},null,null,{"$f":"'Workings(Inc Tax)'!L11","v":0},"@",{"$f":"D29","v":0.45},{"$f":"H29*J29","v":0}]
[null,"Tax to pay",null,null,{"$f":"SUM(E25:E29)","v":0},null,null,"Tax to pay",null,null,{"$f":"SUM(K25:K29)","v":0}]
[]
[]
[null,"National Insurance Calculation",null,null,null,null,null,{"$f":"B33","v":"National Insurance Calculation"}]
[]
[null,"Employee",null,null,null,null,null,"Employee"]
[]
[null,"Salary ",{"$f":"'Redundancy Sacrifice'!C8","v":0},null,null,null,null,"Salary",{"$f":"'Redundancy Sacrifice'!E10","v":0}]
[null,null,"Amount","Rate","NI Payable",null,null,null,"Amount","Rate","NI Payable"]
[]
[null,"`- to Primary Threshold",{"$f":"MIN(C37,'Rates and Allowances'!C38)","v":0},0,0,null,null,"`- to Primary Threshold",{"$f":"MIN(I37,'Rates and Allowances'!C38)","v":0},0,0]
[null,"` - Primary Threshold to Upper Earnings Limit",{"$f":"IF(C37=0,0,IF(C40+'Rates and Allowances'!E38<'Workings (Red Sac)'!C37,'Rates and Allowances'!E38,'Workings (Red Sac)'!C37-'Workings (Red Sac)'!C40))","v":0},{"$f":"'Rates and Allowances'!B40","v":0.115},{"$f":"C41*D41","v":0},null,null,"` - Primary Threshold to Upper Earnings Limit",{"$f":"IF(I37=0,0,IF((I40+'Rates and Allowances'!E38)<'Workings (Red Sac)'!I37,'Rates and Allowances'!E38,'Workings (Red Sac)'!I37-'Workings (Red Sac)'!I40))","v":0},{"$f":"D41","v":0.115},{"$f":"I41*J41","v":0}]
[null,"`- over Upper Earnings Limit",{"$f":"MAX(0,C37-'Rates and Allowances'!C37)","v":0},{"$f":"'Rates and Allowances'!B41","v":0.02},{"$f":"C42*D42","v":0},null,null,"`- over Upper Earnings Limit",{"$f":"MAX(0,I37-'Rates and Allowances'!C37)","v":0},{"$f":"D42","v":0.02},{"$f":"I42*J42","v":0}]
[null,null,null,"Total",{"$f":"SUM(E40:E42)","v":0},null,null,null,null,"Total",{"$f":"SUM(K40:K42)","v":0}]
[]
[]
[null,"Employer",null,null,null,null,null,"Employer"]
[]
[null,"Salary",{"$f":"'Workings(Inc Tax)'!F16","v":0},null,null,null,null,"Salary",{"$f":"'Workings(Inc Tax)'!L16","v":0}]
[null,null,"Amount","Rate","NI Payable",null,null,null,"Amount","Rate","NI Payable"]
[null,"Up to Secondary Threshold",{"$f":"'Workings(Inc Tax)'!F19","v":0},0,{"$f":"C50*D50","v":0},null,null,"Up to Secondary Threshold",{"$f":"'Workings(Inc Tax)'!L19","v":0},0,{"$f":"I50*J50","v":0}]
[null,"Over Secondary Threshold",{"$f":"'Workings(Inc Tax)'!F20","v":0},{"$f":"'Rates and Allowances'!B42","v":0.13800000000000001},{"$f":"C51*D51","v":0},null,null,"Over Secondary Threshold",{"$f":"'Workings(Inc Tax)'!L20","v":0},{"$f":"D51","v":0.13800000000000001},{"$f":"I51*J51","v":0}]
[]
[null,"Redundancy above exemption",{"$f":"'Redundancy Sacrifice'!C15","v":0},null,null,null,null,"Redundancy above exemption",{"$f":"C53-'Redundancy Sacrifice'!C20","v":0}]
[null,null,"Amount","Rate","NI Payable",null,null,null,"Amount","Rate","NI Payable"]
[null,"Up to Secondary Threshold",{"$f":"'Workings(Inc Tax)'!F24","v":0},{"$f":"D50","v":0},{"$f":"C55*D55","v":0},null,null,"Up to Secondary Threshold",{"$f":"'Workings(Inc Tax)'!L24","v":0},{"$f":"J50","v":0},{"$f":"I55*J55","v":0}]
[null,"Over Secondary Threshold",{"$f":"'Workings(Inc Tax)'!F25","v":0},{"$f":"D51","v":0.13800000000000001},{"$f":"C56*D56","v":0},null,null,"Over Secondary Threshold",{"$f":"'Workings(Inc Tax)'!L25","v":0},{"$f":"J51","v":0.13800000000000001},{"$f":"I56*J56","v":0}]
[null,null,null,null,{"$f":"SUM(E50:E56)","v":0},null,null,null,null,null,{"$f":"SUM(K50:K56)","v":0}]

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[null,"Redundancy Sacrifice Demonstrator",null,null,null,null,{"$f":"'Redundancy Sacrifice'!G1","v":"Tax Year 2023/24"}]
[]
[]
[null,"ABOUT YOUR CLIENT"]
[]
[null,null,null,null,"Post Exchange",null,null,{"$f":"'Redundancy Sacrifice'!H5","v":"Pre Sacrifice"},null,{"$f":"'Redundancy Sacrifice'!J5","v":"Post Sacrifice"},null,"Change"]
[null,"Scottish Tax Payer?",{"$f":"'Redundancy Sacrifice'!C6","v":0},null,null,null,"Salary",{"$f":"'Redundancy Sacrifice'!H6","v":0},null,{"$f":"'Redundancy Sacrifice'!J6","v":0},null,{"$f":"'Redundancy Sacrifice'!L6","v":0}]
[null,null,null,null,null,null,"Less Income Tax ",{"$f":"'Redundancy Sacrifice'!H7","v":0},null,{"$f":"'Redundancy Sacrifice'!J7","v":0},null,{"$f":"'Redundancy Sacrifice'!L7","v":0}]
[null,"Salary (after net pay conts)",{"$f":"'Redundancy Sacrifice'!C8","v":0},null,null,null,"Less National Insurance (Class 1)",{"$f":"'Redundancy Sacrifice'!H8","v":0},null,{"$f":"'Redundancy Sacrifice'!J8","v":0},null,{"$f":"'Redundancy Sacrifice'!L8","v":0}]
[null,null,null,null,null,null,null,{"$f":"'Redundancy Sacrifice'!H9","v":0},null,{"$f":"'Redundancy Sacrifice'!J9","v":0}]
[null,"Gross amount of RAS contributions",{"$f":"'Redundancy Sacrifice'!C10","v":0},null,{"$f":"C9","v":0},null,"Less Contributions paid net",{"$f":"'Redundancy Sacrifice'!H10","v":0},null,{"$f":"'Redundancy Sacrifice'!J10","v":0}]
[null,null,null,null,null,null,"Plus Exempt Redundancy amount",{"$f":"'Redundancy Sacrifice'!H11","v":0},null,{"$f":"'Redundancy Sacrifice'!J11","v":0}]
[null,"Redundancy",{"$f":"'Redundancy Sacrifice'!C12","v":0},null,null,null,"Take home pay",{"$f":"'Redundancy Sacrifice'!H12","v":0},null,{"$f":"'Redundancy Sacrifice'!J12","v":0},null,{"$f":"'Redundancy Sacrifice'!L12","v":0}]
[null,null,null,null,{"$f":"C11","v":0}]
[null,null,null,null,null,null,"Pension Contribution",null,null,null,null,null,null,{"$f":"L13*-1","v":0},"cost"]
[null,"Redundancy net of exemption",{"$f":"'Redundancy Sacrifice'!C15","v":0},null,null,null,null,null,null,null,null,null,null,{"$f":"(J17*0.75*C25)","v":0},"Tax on 75% of pot"]
[null,null,null,null,{"$f":"C13-C21","v":0},null,"Amount before PCLS and tax",null,null,{"$f":"'Redundancy Sacrifice'!J16","v":0}]
[null,"Total Income",{"$f":"'Redundancy Sacrifice'!C17","v":0},null,null,null,"Amount after PCLS and tax",null,null,{"$f":"'Redundancy Sacrifice'!J17","v":0}]
[null,null,null,null,{"$f":"E17-'Rates and Allowances'!B50","v":-30000},null,"\"Return\" on reduced take home pay",null,null,{"$f":"'Redundancy Sacrifice'!J18","v":0}]
[]
[null,"Amount of redundancy to be exchanged",{"$f":"'Redundancy Sacrifice'!C20","v":0},null,null,null,"Employer"]
[null,null,null,null,{"$f":"E11+E19","v":-30000},null,"Employer Pension Contribution",{"$f":"'Redundancy Sacrifice'!H21","v":0},null,{"$f":"'Redundancy Sacrifice'!J21","v":0},null,{"$f":"'Redundancy Sacrifice'!L21","v":0}]
[null,"Percentage of Employer NI saving to be given up",{"$f":"'Redundancy Sacrifice'!C22","v":0},null,null,null,"Plus Salary Paid",{"$f":"'Redundancy Sacrifice'!H22","v":0},null,{"$f":"'Redundancy Sacrifice'!J22","v":0},null,{"$f":"'Redundancy Sacrifice'!L22","v":0}]
[null,null,null,null,"Employer contribution",null,"Plus Employers National Insurance (Class 1)",{"$f":"'Redundancy Sacrifice'!H24","v":0},null,{"$f":"'Redundancy Sacrifice'!J24","v":0},null,{"$f":"'Redundancy Sacrifice'!L24","v":0}]
[null,"Assumed rate of tax on pension income",{"$f":"'Redundancy Sacrifice'!C24","v":0},null,null,null,"Cost to employer",{"$f":"'Redundancy Sacrifice'!H25","v":0},null,{"$f":"'Redundancy Sacrifice'!J25","v":0},null,{"$f":"'Redundancy Sacrifice'!L25","v":0}]
[null,null,null,null,{"$f":"C21+(C23*L24*-1)","v":0}]
[]
[null,{"$f":"'Redundancy Sacrifice'!B30","v":"Important Information\n- This calculator is designed to demonstrate the impact on income tax, national insurance and pension provision where exchanging redundancy for an employer's pension contribution. \n- Employee National Insurance is using the \"Effective Annual Rate\" of 11.5%, which factors in the 2% reduction from 6 January 2024 for Primary Class 1 National Insurance. \n- Calculates for individuals under state pension age only.\n- Input the pre sacrifice amounts and the sacrifice details in the white boxes\n- Please note, this tool will cease to operate at the end of the tax year displayed above. \n- You can also select a level of taxation for the pension withdrawal, which allows the \"potential return\" on the income sacrificed to be estimated"}]

{"sheet":"Workings(Inc Tax)","index":5,"n_rows":25,"n_cols":12,"rows_kept":25,"cut":false,"hidden":true,"merged":[]}
[null,"Pre Sacrifice",null,null,null,null,null,"Post Sacrifice"]
[]
[null,"Taxable Income",null,null,null,{"$f":"'Redundancy Sacrifice'!C17","v":0},null,"Taxable Income",null,null,null,{"$f":"'Redundancy Sacrifice'!E21","v":0}]
[]
[null,null,"Allowances","Still to tax","Allowance balance",null,null,null,"Allowances","Still to tax","Allowance balance"]
[null,"Tax Free",{"$f":"'Workings (Red Sac)'!E20","v":12570},{"$f":"F3","v":0},{"$f":"MAX(0,C6-F6)","v":12570},{"$f":"IF(F3<C6,F3,C6)","v":0},null,"TaxFree",{"$f":"'Workings (Red Sac)'!K20","v":12570},{"$f":"L3","v":0},{"$f":"MAX(0,I6-L6)","v":12570},{"$f":"IF(L3<I6,L3,I6)","v":0}]
[null,"Starter Rate",{"$f":"'Rates and Allowances'!E13-'Rates and Allowances'!C13","v":0},{"$f":"MAX(D6-F6,0)","v":0},{"$f":"MAX(0,C7-F7)","v":0},{"$f":"MIN(D7,C7)","v":0},null,"Starter Rate",{"$f":"'Rates and Allowances'!E13-'Rates and Allowances'!C13","v":0},{"$f":"MAX(0,J6-L6)","v":0},{"$f":"MAX(0,I7-L7)","v":0},{"$f":"MIN(J7,I7)","v":0}]
[null,"Basic Rate",{"$f":"'Rates and Allowances'!E14-'Rates and Allowances'!C14+'Redundancy Sacrifice'!C10","v":37700},{"$f":"MAX(D7-F7,0)","v":0},{"$f":"MAX(0,C8-F8)","v":37700},{"$f":"MIN(D8,C8)","v":0},null,"Basic Rate",{"$f":"'Rates and Allowances'!E14-'Rates and Allowances'!C14+'Redundancy Sacrifice'!C10","v":37700},{"$f":"MAX(0,J7-L7)","v":0},{"$f":"MAX(0,I8-L8)","v":37700},{"$f":"MIN(J8,I8)","v":0}]
[null,"Intermediate Rate",{"$f":"'Rates and Allowances'!E15-'Rates and Allowances'!C15","v":0},{"$f":"MAX(D8-F8,0)","v":0},{"$f":"MAX(0,C9-F9)","v":0},{"$f":"MIN(D9,C9)","v":0},null,"Intermediate Rate",{"$f":"'Rates and Allowances'!E15-'Rates and Allowances'!C15","v":0},{"$f":"MAX(0,J8-L8)","v":0},{"$f":"MAX(0,I9-L9)","v":0},{"$f":"MIN(J9,I9)","v":0}]
[null,"Higher Rate",{"$f":"'Rates and Allowances'!E16-'Rates and Allowances'!C16","v":87440},{"$f":"MAX(D9-F9,0)","v":0},{"$f":"MAX(0,C10-F10)","v":87440},{"$f":"MIN(D10,C10)","v":0},null,"Higher Rate",{"$f":"'Rates and Allowances'!E16-'Rates and Allowances'!C16","v":87440},{"$f":"MAX(0,J9-L9)","v":0},{"$f":"MAX(0,I10-L10)","v":87440},{"$f":"MIN(J10,I10)","v":0}]
[null,"Additional Rate       >",{"$f":"'Rates and Allowances'!E17+'Redundancy Sacrifice'!C10","v":125140},{"$f":"MAX(D10-F10,0)","v":0},0,{"$f":"D11","v":0},null,"Additional Rate       >",{"$f":"'Rates and Allowances'!E17+'Redundancy Sacrifice'!C10","v":125140},{"$f":"J10-L10","v":0},0,{"$f":"J11","v":0}]
[]
[]
[]
[]
[null,"Salary",null,null,null,{"$f":"'Redundancy Sacrifice'!C8","v":0},null,"Salary",null,null,null,{"$f":"'Redundancy Sacrifice'!E10","v":0}]
[]
[null,null,"Allowances","Still to tax","Allowance balance",null,null,null,"Allowances","Still to tax","Allowance balance"]
[null,"NI free",{"$f":"'Rates and Allowances'!C39","v":9100},{"$f":"F16","v":0},{"$f":"MAX(0,C19-D19)","v":9100},{"$f":"IF(F16<C19,F16,C19)","v":0},null,"NI free",{"$f":"C19","v":9100},{"$f":"L16","v":0},{"$f":"MAX(0,I19-J19)","v":9100},{"$f":"IF(L16<I19,L16,I19)","v":0}]
[null,"Employer rate",null,{"$f":"MAX(D19-F19,0)","v":0},{"$f":"MAX(0,C20-F20)","v":0},{"$f":"MIN(D20,C20)","v":0},null,"Employer rate",null,{"$f":"MAX(J19-L19,0)","v":0},{"$f":"MAX(0,I20-L20)","v":0},{"$f":"MIN(J20,I20)","v":0}]
[]
[null,"Redundancy",null,null,null,{"$f":"'Redundancy Sacrifice'!C15","v":0},null,"Redundancy",null,null,null,{"$f":"'Redundancy Sacrifice'!E18","v":0}]
[null,null,"Allowances","Still to tax","Allowance balance",null,null,null,"Allowances","Still to tax","Allowance balance"]
[null,"NI Free",{"$f":"E19","v":9100},{"$f":"F22","v":0},{"$f":"MAX(0,C24-D24)","v":9100},{"$f":"IF(F22<C24,F22,C24)","v":0},null,"NI Free",{"$f":"K19","v":9100},{"$f":"L22","v":0},{"$f":"MAX(0,I24-J24)","v":9100},{"$f":"IF(L22<I24,L22,I24)","v":0}]
[null,"Employer rate",null,{"$f":"MAX(D24-F24,0)","v":0},{"$f":"MAX(0,C25-F25)","v":0},{"$f":"MIN(D25,C25)","v":0},null,"Employer rate",null,{"$f":"MAX(J24-L24,0)","v":0},{"$f":"MAX(0,I25-L25)","v":0},{"$f":"MIN(J25,I25)","v":0}]