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
2 weekly
£222
£306
£306
£1,540
£1,611
4 weekly
£444
£612
£612
£3,080
£3,221
Monthly
£481
£663
£663
£3,337
£3,489
Annual
£5,772
£7,956
£7,956
£40,040
£41,865
The regulations amending the National Insurance contributions rates, thresholds and limits for the 2014-15 tax year come into force on 6 April 2014, subject to approval by Parliament. The draft regulations and explanatory notes can be accessed through the links below. Social Security (Contributions) (Limits and Thresholds) (Amendment) Regulations 2014 o Explanatory Memorandum Social Security (Contributions) (Re-rating and National Insurance Funds Payments) Order 2014 o Explanatory Memorandum
Statutory redundancy pay and compensatory award for unfair dismissal
27 February 2014
Following our news in January that the rate changes will apply from 6 April this year and not 1 February, The Employment Rights (Increase of Limits) Order 2014 has been published confirming the changes.
From 6 April 2014 the maximum compensatory award for unfair dismissal will increase to £76,574 from £74,200 and a week's pay will increase from £450 to £464.
Statutory payment recovery rates for 2015-2016
15 December 2014
The statutory payment recovery rates and NIC threshold for 2015-2016 have now been confirmed.
The Department for Work and Pensions (DWP) has confirmed that the statutory payment recovery rates and NIC threshold will remain the same for 2015-2016:
CIPP Policy News Journal
08/04/2015, Page 450 of 521
Made with FlippingBook - Online magazine maker