All news – Page 71

  • HMRC
    Article

    HMRC to withdraw employee benefit trust settlement opportunity

    2014-08-15T09:45:00Z

    Employers that used an employee benefit trust (EBT) before 6 April 2011 must notify HM Revenue and Customs (HMRC) by 31 March 2015 if they wish to take advantage of the beneficial terms of the EBT settlement opportunity (EBTSO) to settle the resulting pay-as-you-earn (PAYE) and national insurance contributions (NICs) ...

  • Investec-LondonOffice-2014
    Article

    Investec Bank wins £6m bonus claim

    2014-08-12T10:55:00Z

    Investec Bank has won a £6-million bonus claim against two former employees.The High Court rejected the claim by Andrew Brogden, former head, and Robert Reid, deputy head, of its structured equity desk.The pair had claimed that their 2010/11 bonus had been pre-agreed in an oral contract with the organisation and ...

  • tax
    Article

    Government launches review of taxation on travel and subsistence expenses

    2014-08-01T11:07:00Z

    The government has launched the first stage of its review into the taxation of travel and subsistence expenses, which it announced in the 2014 Budget in March.The consultation follows the Office of Tax Simplification’s (OTS) report, Review of employee benefits and expenses: second report, which was published in January 2014.The ...

  • BankofEngland-2014
    Article

    Bank of England consults on bankers' bonuses

    2014-07-30T10:16:00Z

    The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published two joint consultation papers aimed at improving individual responsibility and accountability in the banking sector.One of the consultation papers, Strengthening the alignment of risk and reward: new remuneration rules, include proposals for the introduction of new rules on ...

  • Summer holiday
    Article

    EAT to hear three cases on holiday pay

    2014-07-30T05:00:00Z

    The Employment Appeal Tribunal (EAT) is to hear three cases on holiday pay on 30 July.The hearing follows two recent decisions around holiday pay.In June 2014, the European Court of Justice (ECJ) ruled that an employee who dies with outstanding holiday pay should be paid this after their death.In May ...

  • HMRC
    Article

    HMRC launches consultation on unapproved share schemes

    2014-07-25T11:01:00Z

    HM Revenue and Customs (HMRC) has published a consultation on one of the Office of Tax Simplication’s (OTS) share scheme recommendations.Its consultation, Office of Tax Simplification review of unapproved share schemes: marketable security, looks at a recommendation made by the OTS in January 2014 that the government introduce the concept ...

  • Steve Webb
    Article

    Government proposes halving deferred state pension increase

    2014-07-23T10:37:00Z

    The government has proposed halving the deferred state pension increase rates from 6 April 2016.Currently, UK workers who reach the state pension age before 6 April 2016 will be able to defer their state pension and benefit from an annual increase of 10.4% on the deferred income.Under the proposals, anyone ...

  • Yacht-Thinkstock-2014
    Article

    Yachts, jewellery and clocks give rise to benefit in kind

    2014-07-22T10:20:00Z

    The First-Tier Tax Tribunal has ruled that the use of yachts, jewellery and clocks ‘placed at the disposal’ of an employee gives rise to a benefit in kind.In the case, Gillian Rockall v HM Revenue and Customs (HMRC), Rockall and her husband were the directors and controlling shareholders of two ...

  • Obese-Employee-Thinkstock
    Article

    Obesity could be covered by anti-discimination law

    2014-07-18T10:15:00Z

    Employers could be legally required to bear the costs of all necessary reasonable adjustments to accommodate the needs of severely obese employees after an opinion delivered by the Advocate-General of the Court of Justice of the European Union (CJEU).The opinion relates to the Danish case, Karsten Kaltoft v Billund Kommune, ...

  • Article

    HMRC loses Rangers employee benefit trust appeal

    2014-07-15T10:00:00Z

    HM Revenue and Customs (HMRC) has lost its appeal in the upper tier tax tribunal in the case around defunct Rangers Football Club plc’s use of an employee benefit trusts (EBT).In November 2012, the first tier tax tribunal ruled in favour of the Murray Group, which had owned the club ...

  • Court-judgement
    Article

    EAT confirms compulsory retirement at 65 is justified

    2014-07-08T10:57:00Z

    The Employment Appeal Tribunal (EAT) has confirmed that compulsory retirement at the age of 65 can be justified.More than seven years ago, the case Seldon v Clarkson Wright and Jakes raised a claim of age discrimination because Mr Leslie Seldon was forced to retire at age 65 from the law ...

  • Share schemes
    Article

    Individual savings account allowance rises to £15,000

    2014-07-01T10:52:00Z

    The annual individual savings account (Isa) allowance will increase to £15,000 from today (1 July 2014).The increase, which was announced in Chancellor George Osborne’s Budget in March, allows staff transferring exercised shares into an Isa from a maturing employee share scheme to protect more of their gains over the tax-free ...

  • HMRC
    Article

    HMRC to raise bonus rates for sharesave schemes

    2014-07-01T00:00:00Z

    HM Revenue and Customs (HMRC) is to increase the bonus rates payable on five-year sharesave schemes.A new bonus rate of 0.6 times monthly contributions and an annual equivalent rate of 0.39% will be applied to these schemes from 28 July 2014.This is the first time a bonus rate will be ...

  • Steve Webb
    Article

    Government sets out legislation on collective pensions

    2014-06-26T10:53:00Z

    The government has set out legislation on collective pensions in the new Private Pensions Bill.The purpose of the new legislation, which was confirmed in the Queen’s Speech on 4 June, is to enable employers to develop shared risk, or defined ambition, schemes that offer more certain outcomes for employees, while ...

  • tax
    Article

    Government launches consultations on simplifying benefits tax

    2014-06-20T10:29:00Z

    The government has launched four consultations on proposed changes to simplify the administration of employee benefits in kind and expenses.The consultations, which were announced in Chancellor George Osborne’s 2014 Budget in March, follow a review of employee benefits and expenses carried out by the Office of Tax Simplification.The consultations will ...

  • Money
    Article

    Government sets out minimum wage remit for Low Pay Commission

    2014-06-19T10:55:00Z

    The government has set out its remit for the Low Pay Commission’s 2015 report.Its aim is to have national minimum wage rates that help as many low-paid workers as possible, while making sure that it does not damage their employment prospects.The government has asked the Low Pay Commission to:Monitor, evaluate ...

  • 100ClubResearch-Pension-June2014
    Article

    57% say removal of pension commission is a positive move

    2014-06-18T10:24:00Z

    More than half of employers (57%) consider the ultimate removal of pension scheme commission as a positive move, according to Employee Benefits/Lorica 100 Club research 2014, published in June. This is based on 54 respondents to the survey.Also, more than half employers (54%) feel that for generation Z, pensions are ...

  • EU
    Article

    Death of an employee does not end right to holiday pay

    2014-06-18T05:05:00Z

    The European Court of Justice (ECJ) has ruled that an employee who dies with outstanding holiday pay should be paid this after their death. In the case Bollacke v K+K Klass and Kock, the ECJ ruled that the “right to paid annual leave is a particularly important principle of social ...

  • Wood-Mark-JLT-2013
    Article

    79% of employers support the government’s pension reforms

    2014-06-12T10:23:00Z

    More than three-quarters (79%) of employer respondents are supportive of the government’s pension reforms, according to research by JLT Employee Benefits.Its research, which surveyed 250 employers and 2,000 UK employees, found that a quarter of employer respondents would amend their pension scheme’s rules to allow flexible retirement, while another quarter ...

  • University-of-Wales-TrinityStDavid-2014
    Article

    University of Wales pays out £460,000 in equal pay case

    2014-06-11T11:00:00Z

    Nearly £500,000 (£460,000) has been paid out to 18 men in an equal pay case against the University of Wales Trinity Saint David.The group of support staff, which includes plumbers and caretakers, won the case in April 2014, after taking the university to an employment tribunal on the grounds of ...