UK Payslip Glossary
Every term you might see on a UK payslip, explained in plain English. 97 entries, updated for the 2026/27 tax year.
N
- Notice PayTermination
- Pay during notice or in lieu of notice, fully taxed and NI-charged. Full definition
P
- Post-Employment Notice Pay (PENP)Termination
- A statutory calculation that strips the value of any unworked notice out of a termination package and taxes it as ordinary earnings. Full definition
R
- Redundancy PayTermination
- Compensation for job loss; first £30,000 is income-tax free. Full definition
S
- Settlement PaymentTermination
- A negotiated, lump-sum payment made on or after the termination of employment in exchange for the employee waiving their statutory and contractual claims. Full definition
T
- Termination Payment (£30,000 threshold)Termination
- A payment made because employment is ending; the first £30,000 of genuine compensation is income-tax free, the excess is taxed. Full definition