These tables (Calculator Tables April 2014 or Tables B to D April 2014) give effect to the revised Income Tax rates and bandwidths, and are brought into use from the first pay-day on or after 6 April 2014.
Delay in change to statutory redundancy pay and compensation for unfair dismissal
21 January 2014
We normally see the Statutory Redundancy Pay rate and the limit on the amount of compensatory award for unfair dismissal increase on 1 February every year, however this year the changes will be implemented on 6 April.
The change has been detailed in Section 22 of the Enterprise and Regulatory Reform Act 2013.
The Employment Rights (Increase of Limits) order has not yet been approved by parliament so the 2014 rates are not known at this stage. We will of course publish the new rates as soon as they become available.
Current rates which came into force 1 February 2013 are:
Weekly rate of Statutory Redundancy Pay - £450. Limit on the amount of compensatory award for unfair dismissal - £74,200.
Student loan repayment threshold for tax year 2014/15
23 January 2014
HMRC has confirmed to the CIPP that from 6 April 2014 the student loan threshold will rise from £16,365 to £16,910.
2014/15 thresholds for student loan borrowers in the current Income Contingent Repayment (ICR) scheme:
Annual - £16,910 Monthly - £1,409 Weekly - £325
The rate of deduction remains the same at 9%.
Draft legislation National Insurance Contributions Rates, Limits and Thresholds 2014/15
29 January 2014
Draft Regulations have been published confirming the NICs rates, thresholds and limits for the 2014/15 tax year.
We published details from HMRC’s Software Developers Support Team on 18 December and the figures are confirmed as set out below.
2014/15 National Insurance thresholds
LEL
ST
PT
UAP
UEL
Weekly
£111
£153
£153
£770
£805
CIPP Policy News Journal
16/04/2014, Page 485 of 519
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