By John Donovan
Shell has resorted to taking tax breaks intended for redundant employees in order to help maintain its dividend and ensure that senior managers involved in the BG merger vanity project keep THEIR jobs.
Employees in the UK are taxed on redundancy payments over £30k. However, HMRC provides an exemption for employees who have worked abroad allowing them to reclaim some or all of the tax. Despite the fact that Shell UK redundancy terms have deteriorated over recent years and are now significantly less generous than their Dutch colleagues receive, Shell UK has decided that it is entitled to the overseas employment tax breaks not the employee.
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