Basic rate tax allowances and tax credits to rise at least in line with inflation, ending the married couple’s tax allowance and abolishing the Shares for Rights scheme; Simplification of the tax system to reduce compliance costs, streamline reliefs and help to reduce tax avoidance, with a target revenue gain of £250 million a year by the end of the first term; A Fair Work Commission and a guarantee that the minimum wage will rise at least in line with inflation; Examination of further help for small businesses, for example with national insurance costs to encourage them to create more jobs.
You can read the whole White Paper on the Scottish Government website
Statutory Deductions
Student Loans
STUDENT LOAN 2013 THRESHOLD
30 July 2012
The Department for Business, Innovation and Skills has confirmed that from 6 April 2013 the student loan threshold will rise by 3.6% to £16,365
HMRC Software Developers Support Team announced the following:
Notification of a threshold change for student loan borrowers in the current Income Contingent Repayment (ICR) scheme
Amending regulations (SI 2011/784) are in force which state that the annual repayment threshold will rise annually from 6 April 2012 by the Retail Prices Index (RPI).
The current threshold for 2012-13 is £15,795 and the Department for Business, Innovation and Skills have confirmed that from 6 April 2013 the threshold will rise by 3.6% to £16,365.
This figure will apply to all current borrowers for whom employers make Student Loan deductions.
Software developers are being notified as early as possible in order that software changes can be made ready for implementation on 6 April 2013.
Further information and guidance will follow in the coming months.
STUDENT LOAN BORROWERS: REPAYING YOUR LOAN THROUGH SA
5 June 2013
A guidance leaflet which provides information about the Income Contingent Repayment (ICR) Student Loan and the Pilot scheme that is to run during 2013 is available at the HMRC website. CSL1 provides details about the Pilot which confirms that as from April 2013 a third box is to be added to the SA100 return. This third box is designed, along with other existing measures, to help borrowers avoid over-replaying their Student Loan as their loan repayments near completion.
CIPP Policy News Journal
16/04/2014, Page 489 of 519
Made with FlippingBook - Online magazine maker