All Tax and legislation articles – Page 46
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Article
Staff make provisions to avoid annual allowance threshold
More than 16,000 UK workers who contribute to registered pension schemes made contributions in excess of the £50,000 annual allowance threshold by using the carry-forward provisions, according to research by Kuber Ventures.The research, which analysed data from HM Revenue and Customs (HMRC) for pension contributions in the 2011/12 tax year, ...
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Article
HMRC reports on real-time information issues
HM Revenue and Customs (HMRC) has published a report into the findings from analysis of disputed pay-as-you-earn (PAYE) charges associated with real-time information reporting.It had received feedback that some PAYE schemes have experienced difficulties in reconciling the difference between the tax HMRC says is due and the tax the employer ...
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Article
Tupe changes will allow employment term renegotiation
Employers will be able to renegotiate the terms and conditions of employees when transferring them between businesses, as part of changes announced by the government to Transfer of Undertakings (Protection of Employment) (Tupe) regulations.This is provided that the overall change is no less favourable for an employee than their previous ...
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Article
Venture Capital Platform to launch savings scheme for high earners
EXCLUSIVE: The Venture Capital Platform is to launch a workplace savings scheme that aims to offer high earners an alternative to a pension scheme.The investment-linked scheme, which will be launched at Employee Benefits Live on 25 and 26 September, has been developed in light of the government’s changes to the ...
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Article
Pay ratio disclosure proposed in US
The Securities and Exchange Commission (SEC) has proposed new legislation that would require public employers to disclose the ratio of the compensation of its chief executive officer to the median compensation of its employees. The legislation would not prescribe a specific methodology for employers to use in calculating a pay ...
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Article
Sam Gee: Should zero-hours contracts include a minimum benefits provision?
Flexibility is good for business. Matching the people needed to the peaks and troughs in work makes for an efficient operation.Having the biggest choice of available workers is also good for business and people such as retirees, carers, students or second-jobbers may be looking for occasional earnings. So I can ...
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Article
Consultation on bankers' bonuses launched
The European Banking Authority (EBA) launched a consultation in July on the instruments that banks can use to satisfy the standards of its bankers’ bonus cap legislation.The EBA’s draft Regulatory Technical Standards, which includes the requirement for banks to pay 50% of variable remuneration in non-cash instruments, is expected to ...
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Article
Commission calls on government to tackle low pay
The Social Mobility and Child Poverty Commission has called on the government to develop a low wage strategy to raise the bottom rungs on the UK pay ladder.In its report, Social mobility: the next steps, the government-appointed commission recommends that the government:Mandate the Low Pay Commission to set out affordable ...
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Article
TPR publishes report on public sector pensions
The Pensions Regulator (TPR) has published information and research on current practice in eight categories of public sector pension schemes, ahead of it taking on an expanded role regulating standards of governance and administration for these schemes.From April 2015, TPR will set standards of governance and administration in the local ...
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Article
Nelu Abeygunasekera: Should zero-hours contracts include minimum benefits provision?
Don’t be fooled, just because an arrangement is referred to as a zero-hours contract, it does not necessarily mean this is the case.Under a zero-hours contract, the employer is not obliged to provide a minimum amount of work and the worker is under no obligation to accept work that is ...
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Article
Government announces TUPE change proposal
The government has announced proposed changes to the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) rules.The move comes in response to a consultation on TUPE regulations earlier this year.The government has confirmed that:Employers will be able to renegotiate terms and conditions provided for in collective agreements one year after ...
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Article
TUC lodges agency workers pay complaint
The Trades Union Congress (TUC) has lodged a formal complaint with the European Commission (EC) against the UK government, alleging it has failed to implement the Temporary and Agency Workers Directive properly.Under the UK’s Agency Workers Regulations 2010 (AWR) legislation, agency employees are entitled to the same basic pay as ...
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Article
Shares for rights scheme comes into force
The government’s Employee Shareholder Scheme came into force yesterday.The scheme, also known as shares for rights, was passed in Parliament after the government made several concessions to its original proposals.The legislation will enable staff to swap some of their employment rights, including unfair dismissal and redundancy rights, for shares in ...
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Article
Charles Cotton: Should zero-hour contracts include a minimum benefits provision?
With a zero-hour contract, certain minimum employee benefits can already apply. For instance, some contracts are undoubtedly employment contracts and will attract the full protection of employment regulation, including holidays. But in other cases, those on zero-hour contracts will only be casual workers, who have some statutory protections but not ...
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Article
Employee benefits tax recommendations may never be implemented
The Office of Tax Simplification (OTS) published an interim report last month as part of its review of the tax rules around employee benefits and expenses.The overall aim of the review, which was announced in January 2013, is to look at opportunities for simplification.The first stage of the review, which ...
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Article
Government to name below-minimum-wage payers
Employers that fail to pay the national minimum wage (NMW) are to be publicly named and shamed from October 2013.The government’s announcement is part of its efforts to toughen up enforcement of the NMW and increase compliance.Under the original NMW naming scheme, employers had to meet one of seven criteria ...
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Article
Former Co-op employees fight for bonuses
Former employees of the Co-operative Group have launched legal action against the employer over unpaid bonuses worth around £1 million.The 10 employees, who worked for Co-operative Insurance Society, the mutual’s insurance organisation, which was sold to Royal London in July 2013, have launched formal grievance proceedings against the Group.The move ...
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Article
Consultation launched on longevity risk
The Bank of International Settlements has launched a consultation on the longevity risk transfer (LRT) market.The consultation, Longevity risk transfer markets: market structure, growth drivers and impediments and potential risks, said that longevity risk, the risk of paying out pensions and annuities for longer than anticipated, is significant when measured ...
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Article
EU bonus cap will cause talent exodus
More than nine in 10 (93%) respondents expressed concern about losing talented staff to international opportunities as a result of the EU bankers’ bonus cap, according to research by Robert Half Financial Services.Its research, which surveyed 100 UK executives at financial services firms, found that 38% are ‘very concerned’ and ...
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Opinion
Tom Bray: European Court rules against collective pay negotiations
The ECJ found that employees cannot continue to benefit from collectively agreed pay rises once they have transferred to a new employer which is neither party or privy to the pay negotiations.This case has very real implications for employers that have acquired, or will acquire, employees to whom industry- or ...