All Tax and legislation articles – Page 40
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Most retirees will receive less than the single-tier pension
Only one in five (17%) UK workers closest to retirement will be entitled to a state pension worth exactly the single-tier amount, according to a report by the Institute of Fiscal Studies (IFS).Its report, A single-tier pension: what does it really mean?, found that 23% of those closest to retirement ...
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RTI drives rising compliance costs
The total cost of compliance for small and medium-sized enterprises (SMEs) now stands at more than £18.2 billion, according to research by the Forum of Private Business.Its Referendum 204 report: the cost of compliance survey, which questioned 4,000 forum members, found that SMEs now pay 11% more to external providers ...
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Employee ownership guidance published
The government has published joint government and industry-led guidance aimed at helping organisations move towards employee ownership.The announcement, from business secretary Vince Cable, came on the first Employee Ownership Day on 4 July.Cable also confirmed that the government is to set aside £50 million each year from April 2014 to ...
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European Parliament votes down bonus cap for fund managers
The European Parliament has voted down the proposal to include a bonus cap of 100% of salary for fund managers.The prospective cap was intended to follow reward limitations placed on bankers by the Parliament earlier in 2013.However, Members of European Parliament (MEPs) decided against passing the measure in the Undertakings ...
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Seven-year sharesave schemes to be abolished
Seven-year savings periods under sharesave schemes are due to be abolished from 23 July.HM Revenues and Customs (HMRC) has not made an official announcement of the change, but has informed sharesave providers that the current prospectuses will not apply from 23 July.Seven-year sharesave contracts will remain available under invitations sent ...
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Staff could make equal pay claims from different establishments
Employers could face equal pay claims from staff even if they are employed on different terms and conditions, and at different establishments from male comparators, following a landmark ruling from the Supreme Court.In the case of North and others v Dumfries and Galloway Council, the court ruled that the council ...
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Osborne risks backlash over public sector pay reform
The government is to axe automatic annual pay rises in the civil service as part of a pledge to make £11.5 billion worth of public sector savings in 2015/16.Chancellor George Osborne revealed the proposed legislation in the Spending Review 2013 at the same time as confirming that public sector pay ...
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Parliamentary Commission lobbies for new banking remuneration code
The Parliamentary Commission on Banking Standards has published its fifth and final report.The Changing banking for good report, which has been heavily influenced by recent banking misconduct that took place under the former Financial Services Authority (FSA) regime, contains a package of recommendations intended to raise standards in, and transform ...
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Restraint shown in setting executive remuneration
Research published in May and June showed bonuses have fallen for FTSE 100 executive directors and pay freezes are on the increase.Fit Remuneration Consultants’ FTSE 100 executive remuneration survey, published in May, found that 32% of FTSE 100 employers will not increase salaries this year, up from 27% that took ...
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Employers could try to avoid equal pay audits
But the paper, which follows the 2011 Modern Workplaces: equal pay consultation, could have some worrying consequences, according to one employment lawyer.Anne Pritam, an employment partner at Stephenson Harwood, said: “The government has written into the most recent consultation exercise specific exceptions to the rule when employers would be ordered ...
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Tapestry launches online global share plan service
Law firm Tapestry has launched an online service and database to help manage the global legal compliance aspects of an employer’s share plans.The system covers many types of plans, including:Deferred share bonusEmployee stock purchasePerformance share plans and restricted stock unitsRestricted share plansShare optionsSavings-related share optionsShare match and co-investmentCash plansIt also ...
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Pensions Bill passes second reading in House of Commons
The Pensions Bill passed through its second reading in the House of Commons on 17 June.The Bill was introduced into the House of Commons on 9 May 2013, following the Queen’s Speech.During the speech, it was confirmed that the Pensions Bill will introduce a state pension system which will replace ...
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Manufacturers lose faith in fit note system
British manufacturers have lost faith that the government’s fit note programme is getting people back to work, according to research by manufacturers’ organisation EEF.The 2013 EEF/Westfield Health sickness absence survey, which questioned 353 employers, indicates that improvements in sickness absence seen in recent years have now plateaued and that further ...
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Final proposals on directors' remuneration legislation published
The Department of Business, Innovation and Skills (Bis) has proposed reforms to board pay disclosure and shareholder voting rights.The finalised legislation apply from 1 October 2013.The regulations are still subject to parliamentary approval, but are not expected to change.Its proposals include:Recruitment policy: It will no be longer necessary for employers ...
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HMRC targets minimum wage cheats in Corby
HM Revenue and Customs (HMRC) has targeted job agencies in Corby in a minimum wage crackdown.A three-day operation uncovered a possible £100,000 owed to 3,000 employees in the area.Officers from HMRC and the Department for Business, Innovations and Skills (Bis) visited 34 employment agencies between 28 and 30 May 2013.HMRC ...
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Tribunal says employers could set retirement age
The Employment Tribunal (ET) has judged that compulsory retirement might still be justified in some circumstances.On 30 May the ET ruled on the Leslie Seldon case which was brought because Seldon was required to retire at age 65 from the partnership of the law firm Clarkson Wright and James.At the ...
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Shares for rights changes could cost employers more
The government had to make several concessions to its original proposals before the Growth and Infrastructure Bill, commonly known as ‘shares for rights’, was passed by Parliament.Under the new legislation, employers will be able to allow staff to swap some of their employment rights, including unfair dismissal and redundancy rights, ...
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EBA consults on bankers' bonuses
The European Banking Authority (EBA) has launched a consultation on the technical standards of its bankers’ bonus cap legislation.The EBA’s draft Regulatory Technical Standards, which are intended to help identify material risk takers who will be subject to specific provisions of the capital requirements directive, will apply the bonus cap ...
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JLT to re-launch lifetime allowance audit service
JLT Wealth Management is to re-launch its lifetime allowance audit service.This follows the reduction of the lifetime allowance, announced by Chancellor George Osborne in the Autumn Statement in December 2012, which is due to take effect from April 2014.The objectives of the lifetime allowance audit are:To establish a precise valuation ...
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Changes to Companies Act promote employee ownership
The government’s changes to the Companies Act 2006, which aim to promote employee ownership, come into effect on 30 April, following approval from both the House of Commons and the House of Lords.In relation to authorising share buy backs, these amendments will:Allow off-market share buy backs to be authorised by ...