The Social Security (Contributions) (Re-rating) Order, SI 2011/938, specifies the rates of Class 2 and Class 3 NICs and the amount of earnings below which an earner may be excepted from liability for Class 2 contributio
The Approved Mileage Allowance Payments (Rates) Regulations, SI 2011/896, increase the higher rate of AMAPs for cars from 40 to 45 pence per mile for the first 10,000 of business travel in an employee’s private car or van.
The Car Fuel Benefit Order, SI 2011/895, increases to £18,800 the multiplier used in ITEPA 2003 s 150 to calculate the cash equivalent of the benefit of car fuel received by an employee to whom the car benefit charge applies
The National Insurance Contributions Act 2011 received Royal Assent on 22 March. It provides for increased rates of NICs and a regional secondary Class 1 contributions holiday for new businesses.
The Taxation of Pension Schemes (Transitional Provisions) (Amendment) Order, SI 2011/732:
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2011/729, make several changes to the PAYE regulations including provision of a definition for the additional rate of income tax and provision for HMRC to an in
The Qualifying Care Relief (Specified Social Care Schemes) Order, SI 2011/712, specifies three types of social care schemes that will qualify as a ‘specified social care scheme’ under ITTOIA 2005 s 806A(2)(c).
Michael Collins on NICs on contributions to FURBS
People who have used EBTs to avoid tax on employment income are being offered ‘products’ designed to shelter funds in current schemes from the effect of planned legislation to counter avoidance of income tax and NICs, according to HMRC.
The Treasury has invited comments by 17 March on revised draft clauses, to be included in the Finance Bill to be published at the end of this month, on a facility for meeting the new ‘annual allowance charge’ from the taxpayer’s pension benefits instead of current income.