Introduction to Newsletter 05.08.09Wednesday, August 5th, 2009
The Finance Act 2009 is now in place, with a lengthy set of explanatory notes to accompany it. From a payroll perspective, there do not appear to be any significant changes from the original Bill, except in the case of the new Special Annual Allowance Charge, where a concessionary £30,000 limit has been introduced where irregular (less frequently than quarterly) money purchase contributions have been made in recent years – not a common payroll situation. However, new Regulations, explained in this newsletter, extend this new tax charge to non-UK pension schemes.
We missed an important Employment Appeal Tribunal decision in June and that is corrected in this newsletter. The implications of the case were raised by a correspondent and it concerns the application of the National Minimum Wage rules to workers who receive “sleep-in payments”. Please read the article carefully if you have such workers.
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