The National Insurance Contributions (Termination Awards and Sporting Testimonials) Bill has received Royal Assent, to become the National Insurance Contributions (Termination Awards and Sporting Testimonials) Act 2019.
The Act aligns the employer NICs treatment of termination awards in excess of £30,000, received in connection with the termination of an individual’s employment, with the Income Tax treatment for such payments, by introducing a new 13.8% Class 1A employer NIC charge to any part of a termination award that is already Income Tax liable. Termination awards will remain exempt from employee NICs. The provisions are expected to take effect from 6 April 2020.
Dec 03, 2019
Shared parental leave entitlementsThe shared parental leave and pay rules offer working parents’ far greater choice as to how they
Dec 03, 2019
Child Benefit tax chargeThe High Income Child Benefit tax charge could apply to you or your partner if either of your individual
Dec 03, 2019
Loss of tax personal allowanceIf your income is expected to exceed £100,000 for the first time, we would like to remind you of