All Tax and legislation articles – Page 47
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Recommendations published on benefits tax rules
The Office of Tax Simplification (OTS) has published an interim report 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 covers ...
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Gain tax and legal advice at Employee Benefits Live
In the auto-enrolment drop-in sessions, delegates can seek advice and support from legal experts and industry mentors, while salary sacrifice drop-in sessions will have tax specialists on hand to answer all delegates questions.Careers clinics, meanwhile, offer the opportunity for delegates to gain career advice and find out how to progress ...
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DWP publishes final proposals on pension disclosure rules
The Department for Work and Pensions (DWP) has published its final proposals around the disclosure of information for workplace and personal pension schemes.The occupational and personal pension schemes (disclosure of information) regulations 2013 report presents an analysis of the responses to the DWP’s consultation, which was open between February and ...
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Consultation published on variable pay for bankers
The European Banking Authority (EBA) has launched a consultation on the instruments that can be used by banks 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 ...
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Employers must take care on pay promises
In the High Court case of Attrill and others v Dresdner Kleinwort, employees succeeded in their argument that their employer was contractually obliged to pay bonuses from a guaranteed minimum bonus pool of €400 million (£343 million) it had promised to set up. The court ruled that the bank had ...
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Compliance round-up for July
It 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. The proposed legislation, announced in the Spending Review 2013 confirmed that public sector pay rises will be limited to an average of ...
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CJEU rules on collectively agreed pay rises
The European Court of Justice (CJEU) has ruled that collectively agreed pay rises should not survive Transfer of Undertakings (Protection of Employment) (Tupe) regulations.The decision in the case of Parkwood Leisure v Alemo-Herron brings an end to nearly three years of legal wranglings.The court ruled in favour of the employer ...
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Tax relief does not encourage pension saving
Pensions tax relief does little to encourage pension saving, particularly among low and medium earners, according to a report by the Pensions Policy Institute (PPI).The report, Tax relief for pension saving in the UK, which has been sponsored by Age UK, the Institute and Faculty of Actuaries, Partnership and the ...
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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 ...