All Tax and legislation articles – Page 41
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Article
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 ...
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Article
Government updates share scheme simplification
The government has released further details on its plans to simplify employee share schemes.In December 2012, following recommendations made by the Office of Tax Simplification (OTS), the government announced that it would introduce self-certification of share incentive plans (Sips), save as you earn (also known as sharesave) schemes and company ...
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Article
FCA publishes rules on charging model for platforms
The Financial Conduct Authority (FCA) has published rules to ensure the way that platforms are paid for is more transparent.From 6 April 2014, platforms in both the advised and non-advised market will not be allowed to be funded by payments from product providers.Instead, a platform service must be paid for ...
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Opinion
Phil Hall: Fight to stop 'shares for rights'
Regrettably, the government has now reintroduced the policy.Readers may ask: why do we oppose something that superficially creates more employee shareholders? The four key reasons are: it undermines existing employee share ownership plans by association; it unnecessarily removes employees’ rights; it is not wanted by the vast majority of businesses; ...
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Article
Fit note guidance clears up outstanding issues
Getting the most out of the fit note: guidance for employers and line managers explains what employers should do if they are given a fit note by an employee, what different sections of the fit note mean, and how it can be used most effectively.Richard Baker, a solicitor at Shoosmiths, ...
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Article
Government's employee ownership proposal passes
The government’s employee ownership proposal has passed in the House of Lords.The Growth and Infrastructure Bill, commonly known as ‘rights for shares’, passed by 275 to 168, a majority of 107, after Chancellor George Osborne made a key concession.The legislation means that employers will be able to allow employees to ...
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Article
Call for single pensions regulator
The government should reassess the case for establishing a single body with sole responsibility for regulating workplace pensions, according to a report by the Work and Pensions Committee.Its report, Improving governance and best practice in workplace pensions, raises concerns over current gaps in regulation and the potential for further gaps ...
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Article
Employee ownership scheme passed in House of Commons
Members of Parliament have voted in favor of the government’s proposed employee ownership scheme.The policy, which is part of the Coalition government’s Growth and Infrastructure Bill, passed in the House of Commons with 277 votes in favour and 239 against.This comes after the proposal, dubbed ‘shares for rights’ by Chancellor ...
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Article
Minimum wage to increase from 1 October
The government has accepted the independent Low Pay Commission’s (LPC) recommendations for this year’s adult and youth national minimum wage (NMW).It also opted to increase the apprentice rate rather than freeze it, as recommended by the LPC.From 1 October 2013:The adult rate will increase by 12p to £6.31 an hour.The ...
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Article
Unison wins pay case for fire and rescue staff
Trade union Unison has won a legal case in the Court of Appeal for pay which could affect around 800 employees of the London Fire and Emergency Planning Authority (LFEPA). The union challenged the LFEPA’s decision not to honour the third year of an agreed pay deal that would have ...
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Article
DWP publishes guidance on fit notes
The Department for Work and Pensions (DWP) has published a guidance document on the government’s fit note system.Getting the most out of the fit note: guidance for employers and line managers explains what employers should do if they are given a fit note by an employee, what different sections of ...
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Article
Round-up of tax and legislation changes coming in from 6 April
A number of tax and legislation changes that come into effect from 6 April 2013 will have an impact on employee benefits.Real-time information (RTI) reporting begins.From 6 April, employers will have to start reporting pay-as-you-earn (PAYE) information to HM Revenue and Customs (HMRC) in real time. Employers with fewer than ...
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Article
Government criticised for state pension changes
The key to the successful implementation of the single-tier state pension lies in the government informing the public as soon as possible about how it will impact individuals, according to a report by the Work and Pensions Select Committee.In its Single-tier state pension: part 1 of the draft pensions bill, ...
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Opinion
Jenna Poon: Legal pitfalls of changing a benefits strategy
Employers need to ensure that the benefits being replaced do not form part of an employee’s terms and conditions, that they are not cemented in contracts of employment. If this is the case, an employee’s consent will be required in order to change those benefits.When examining employment contracts, any collective ...
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Opinion
Steve Wade: Five steps to prepare for RTI reporting
There are five practical steps for employers to follow to be ready.First, they need to know their start date. The 6 April is a Saturday, so an employer’s first RTI submission may be its second payroll run. Read more here.Second, employers must know their new starter process. After their start ...
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Article
Employee Benefits Connect: Esop chief criticises share scheme stance
Speaking at Employee Benefits Connect, Poole said he was worried that all the government departments involved in the employee share ownership agenda would head in different directions.“If the communication between those departments isn’t up to scratch, you risk everyone tripping over each other and nothing being achieved,” he said.Poole (pictured) ...
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Article
Employee ownership scheme blocked
The government’s employee ownership scheme has been blocked in the House of Lords.The scheme, which was announced by Chancellor George Osborne in October 2012, would allow employees to give up some employment rights in return for shares in their employer. It was defeated by 232 votes to 178.The scheme was ...
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Article
Tax exemption for travel season ticket loans doubles
Budget 2013: The threshold for tax exemption on employment-related ‘taxable cheap’, low-cost or interest-free loans, such as travel season ticket loans, will double.Chancellor George Osbourne revealed in his 2013 Budget speech that the current threshold of £5,000 will increase to £10,000 for the 2014-15 tax year. As long as the ...
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Article
Employee owners to receive tax breaks
Budget 2013: Following on from the introduction of a new employee ownership status in October 2012, Chancellor George Osborne has announced in the Budget 2013 that the first £2,000 of share value that any employee receives under the new status will be free from income tax and national insurance (NI) ...
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Article
Government brings forward increase to personal allowance
Budget 2013: The government has brought forward its plans to increase the personal allowance to £10,000 to 2014/15.It means the first £10,000 of an employee’s annual salary will be exempt from income tax as a result of the increase, which was originally intended for 2015.Consequently, the average basic-rate taxpayer will ...