COMPLIANCE
Technical panel update
The CIPP’s policy and research team, led by Samantha O’Sullivan MCIPPdip, policy lead, hosts a technical panel every six months with a host of passionate payroll experts. What did the panel discuss at their latest meeting? Read on to find out…
R eaders were last given a glimpse into discussions held by the CIPP’s technical panel in the December 2022 / January 2023 double header issue of Professional magazine. The panel met once again, in April 2023, to discuss topics currently impacting the payroll profession, which included: Spring budget outcomes The key announcements made from the spring budget impacting the payroll, pensions and reward industries were as follows: l a 50% increase to the annual allowance, from £40,000 per year to £60,000 per year l the money purchase annual allowance increase from £4,000 to £10,000 l the abolition of the lifetime allowance (LTA) l an investment zones update l tax simplification l ‘returnerships’ l tackling the tax gap. The panel discussed the above at length, paying particular attention to the automatic enrolment stance, now the LTA
Who attended this panel meeting? Chair: Samantha O’Sullivan MCIPPdip , policy lead at the CIPP Panel members: ● Emma Rawson, technical officer at Association of Taxation Technicians ● Karen Beckett BA (Hons) ChFCIPP, head of payroll and benefits for Dorset Healthcare NHS Trust ● Mathew Akrigg ACIPP, policy and research officer for The CIPP ● Michelle Sutton MCIPPdip, head of reward and pensions for Suez Group ● Neil Tonks ChMCIPPdip, legislation manager for MHR Global ● Pauline Green ACIPP MBCS FMAAT , head of product compliance for Intuit ● Simon Parsons MSc FCIPPdip MBCS, director UK compliance strategies, SD Worx UK Ltd.
l spring budget outcomes l national minimum wage (NMW) and its interaction with salary sacrifice l payroll giving l eye / hearing tests l veteran National Insurance contributions (NICs). has been abolished. The current Pensions Regulator guidance, as published on its website, states: “A worker who has built up pension savings above the Lifetime Allowance for HMRC purposes is protected from tax charges on those savings under HMRC’s primary, enhanced, fixed or individual protection requirements. Where this exception applies, the employer can choose whether to apply the automatic enrolment duty or automatic re-enrolment duty to that worker in the event either duty is triggered but is not required to. All the other duties and safeguards continue to apply as usual.” To view the guidance in full, please review paragraph 99 onwards in the ‘ Automatic enrolment detailed guidance for employers no. 1 ’: http://ow.ly/hGbu50OxB6O.
The Investment Zones policy prospectus . published following the spring budget, confirmed the position of NICs
| Professional in Payroll, Pensions and Reward | July - August 2023 | Issue 92 38
Made with FlippingBook - Online magazine maker