Whilst 2013/2014 will not see an increase to the Class 1 NIC primary or secondary rates, there are some slight increases to the thresholds (except for the Upper Accruals Point)
Lower earnings limit (LEL)
£109 weekly £218 2-weekly £436 4-weekly £473 monthly £5,668 annual £148 weekly £296 2-weekly £592 4-weekly £641 monthly £7,696 annual £149 weekly £299 2-weekly £597 4-weekly £646 monthly £7,755 annual £770 weekly £1,540 2-weekly £3,080 4-weekly £3,337 monthly £40,040 annual £797 weekly £1,595 2-weekly £3,189 4-weekly £3,454 monthly £41,450 annual
Secondary Threshold (ST)
Primary Threshold (PT)
Upper accrual point (UAP)
(no change to current thresholds)
Upper earnings limit (UEL)
Statutory Payment rates 2013/2014
The NICs compensation rate will remain the same for 2013/2014 at 3% however Statutory payment rates will increase slightly as follows:
Statutory Sick pay will increase from £85.85 to £86.70 Statutory Adoption Pay, Statutory Maternity Pay, Ordinary Statutory Paternity Pay along with Additional Statutory Paternity Pay will increase from £135.45 to £136.78 per week.
STATUTORY PAYMENT RATES
21 st December 2012
HMRC published details of the 2013/2014 Statutory Payment rates within their informal weekly update.
Statutory Adoption Pay
2012/13 £107.00 £135.45
2013/14 £109.00 £136.78
Earnings threshold
Standard Rate
CIPP Policy News Journal
16/04/2014, Page 480 of 519
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