BUDGET 2008 NEWS: Ken Livingstone to benefit from Darling's tax relief if he loses Mayoral race
Mayor of London Ken Livingstone will benefit from today's Budget if he loses the mayoral election due to Chancellor Alistair Darling's introduction of a tax exemption.
Buried in the small print of the Budget, legislation will come into effect this April to ensure attractive severance payments to members of the Greater London Authority and the Mayor of London.
This will mean tax exemption up to the first £30,000 for the GLA and Livingstone under the new GLA severance pay scheme.
MacIntyre Hudson tax principal Nigel May says: “As Ken battles against Boris Johnson in his bid for a third term as Mayor, he can at least draw comfort that should the struggle end in defeat, he will have a hefty tax-free lump sum with which to console himself.”