Individuals over the age of 55 have flexible access to their defined contribution pension savings The Income Tax Personal Allowance increases to £10,600 The higher rate income tax threshold increases to £42,385 The new Marriage Allowance comes into effect The starting rate of savings income tax reduces from 10% to 0% for savings up to £5,000 The cash ISA limit increases to £15,240 Child Trust Funds can now be transferred into Junior ISAs Spouses can now inherit their deceased partner’s ISA benefits If an individual dies before the age of 75, they can now pass on their unused defined contribution pension savings free of income tax Beneficiaries of individuals who die under the age of 75 with a joint life or guaranteed term annuity can now receive any future payments from such policies free of income tax Employers will no longer have to pay employer NICs for employees under the age of 21 Class 2 NICs for the self-employed can now be collected through Self-Assessment The Employment Allowance extends to include people employing care and support workers to look after themselves or family members A new annual remittance basis charge of £90,000 is introduced for non-domiciled individuals who have been resident in the UK in at least 17 of the last 20 years, and the charge paid by non-domiciled individuals who have been resident in the UK in at least 12 of the last 14 years has increased from £50,000 to £60,000 Non-UK resident individuals, trusts, personal representatives and narrowly controlled companies are now subject to Capital Gains Tax on gains accruing on the disposal of UK residential property Capital Gains Tax annual exemption amount has increased to £11,100 The Capital Gains Tax charge on disposals of properties liable to ATED extends to cover residential properties worth £1 million - £2 million The requirement that 70% of Seed Enterprise Investment Scheme money must be spent before EIS or VCT funding can be raised is removed The Fuel Benefit Charge multiplier for both cars and vans increases by RPI The Van Benefit Charge increases by RPI - in 2015-16 the Van Benefit Charge rate paid by zero emission vans is 20% of the rate paid by conventionally fuelled vans Tax Credit payments are stopped in-year where, due to a change in circumstances, a claimant has already received their full annual entitlement
Northern Ireland statutory limits on awards and payments 14 April 2015
We would like to make a correction to The Employment Rights (Increase of Limits) Order (Northern Ireland) 2015 news item which we published on 8 April. The table detailed 2013-2014 figures and has now been corrected to include the 2015 figures.
Please accept our apologies for any confusion.
The Order revises the limits on awards and payments under certain employment rights legislation in line with the rate of inflation and came into effect on 22 March 2015.
Schedule table of increase of limits
Relevant statutory provision
Subject of provision
Old Limit New Limit
Article 40(6) of the 1995 Order
Minimum amount of compensation awarded by the industrial tribunal where individual expelled from union in contravention of Article 38 of the 1995 Order and where, when the application is made, the applicant has not been re-admitted to the union. Maximum amount of “a week’s pay” for the purpose of calculating a redundancy payment or for various awards including the basic or additional award of compensation for unfair dismissal.
£8,700
£9,000
Article 23(1) of the 1996 Order
£470
£490
Article 63(1) of the 1996 Order
Limit on amount of guarantee payment payable to an employee in respect of any day.
£25.00
£25.60
CIPP Policy News Journal
25/04/2016, Page 264 of 453
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