Amongst a number of announcements relating to employment taxes in today’s UK Autumn Statement, forthcoming changes to the tax treatment of salary sacrifice and employee termination payments were confirmed. The tax and National Insurance advantages of salary sacrifice schemes will be removed from April 2017 (i.e. the sacrificed pay will be subject to tax and … Continue Reading
The UK government has announced the abolition of the tax benefits of employee shareholder status in today’s Autumn Statement. The change applies to shares issued on or after 1 December 2016. Since there has to be a minimum 7 clear days notice between the individual employee being advised on the implications of employee shareholder status … Continue Reading
We anticipate that the significant increase in insurance premium tax that was announced in the 2016 Autumn Statement will encourage many more employers to explore corporate healthcare trusts. IPT will increase from 10% to 12% from June 2017, having been as low as 6% just over a year ago. This will apply to employee health … Continue Reading
Save for confirmation of a ban on cold calling and a reduction in the Money Purchase Annual Allowance, the UK Autumn Statement included no pension reform to the great relief of an industry in desperate need of a period of stability. The pension system was the cookie jar into which George Osborne kept dipping. Barely … Continue Reading
Changes to the state pension age have featured in many news headlines today. The Government’s guiding principle is that people should expect to spend up to a third of their adult life in retirement. Increased life expectancy represents good news but it is not such good news (for most people!) that their working lives will … Continue Reading
