Your employer becomes liable for wrongful dismissal damages, which will reflect all losses you have sustained if they have are in breach of the employment contract.
The damages recoverable with be the wages and other benefits (pension entitlement, private health cover, car allowance and bonuses) that would have been earned and accrued during the contractual notice period.
Employees on a high salary might prefer to bring a wrongful dismissal claim rather than an unfair dismissal claim, especially where they have lengthy notice periods.
This is due to the fact they would stand to gain more from damages for breach of the employment contract as opposed to the amount they could potentially receive from unfair dismissal compensation which would be largely governed by their loss of earnings only and also subject to a statutory cap of circa £80,000.
An employer dismissing employees as a result of gross misconduct, ie. theft, who was justified in dismissing them in this way, will mean the employee will have no grounds for a wrongful dismissal claim.
The reason for this is that employee will have been treated as repudiating the implied term of trust and confidence between the two parties which the employer then accepts by the summary dismissal from employment.