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Amended social security rules set to apply

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The Social Security (Contributions) (Amendment No. 3) Regulations, SI 2013/1907, have been published. These amending regulations provide for the first £2,000 of shares received by employee shareholders to be free of NIC, which mirrors the income tax treatment, and disregard from earnings the cost of employer-funded independent advice provided to individuals before they become employee shareholders. The regulations also disregard from earnings certain travel expenses paid to elected representatives of the devolved administrations of Scotland, Wales and Northern Ireland. The measures come into force on 1 September 2013.

Issue: 1181
Categories: News , Private client taxes