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George Osborne
Employee Shareholder Contracts to Go Ahead
Last week we reported how the House of Lords had rejected a Clause in the Growth and Infrastructure Bill, which introduces the new Employee-Shareholder contract into the workplace. This status is a renamed version of the Employee-Owner status that George Osborne first talked about in October 2012. Whilst the House of Commons stated that this [...]
The Single-Tier Pension
On 17 March 2012, the Chancellor, George Osborne, announced on the Andrew Marr show on the BBC that the Single-Tier pension would be brought forward by one year to 2016 rather than 2017. On 19 March 2013, a Department of Work and Pensions (DWP) press release confirmed speculation that the Single-Tier Pension will be introduced [...]
Budget 2013
Love, loathe or just completely indifferent towards him, regardless of your political persuasion, you have to feel a bit of sympathy for the Chancellor of the Exchequer. I know it is a career choice, however, there cannot be many jobs where the media is camped outside your door from the early hours and your [...]
Budget 20 March 2013
On Wednesday 20 March 2013, Chancellor George Osborne, will deliver the Budget Statement in private to the Cabinet and later to all MPs in the House of Commons. Just after this Statement, the Budget Report will be produced, as required by The Budget Responsibility and National Audit Act 2011. Collectively, we refer to these as, [...]
Single-Tier Pension 2016 NOT 2017
On 17 March 2012, the Chancellor, George Osborne, announced on the Andrew Marr show on the BBC that the Single-Tier pension would be brought forward by one year to 2016 rather than 2017. The initial date was outlined in the DWP’s White Paper ‘The Single-Tier Pension: A Simple Foundation for Saving’ in January 2013. At [...]
Budget 2013
On 11 December 2013 in the House of Commons, George Osborne, Chancellor of the Exchequer, announced: ‘The core purpose of the Treasury is to ensure the stability and prosperity of the economy. I can announce today that Budget 2013 will be on Wednesday 20 March.’ Comment Certainly this will be a date for your new [...]
Autumn Statement 2012 Introduction
Each Government is bound under The Treasury Act 1975 to publish bi-annual reports to the nation, which we now recognise as the Autumn Statement and the Budget. Yesterday on 05 December at 12.30 pm, the Chancellor of the Exchequer George Osborne provided the 2012 Statement, which provided an update on the Government’s plans for the [...]
Employee Rights Exchange for Capital Gains Tax Benefits (2)
On 16 October 2012, we announced that George Osborne, Chancellor of the Exchequer, announced proposals at the Conservative Party Conference for ‘owner-employer’ contracts. Under these contracts, employees would gain a Capital Gains Tax exemption for shares given to them in exchange for sacrificing some UK employment rights. On 18 October 2012, the Department for Business, [...]
Employment Rights Exchange for Capital Gains Tax Benefits
On 08 October 2012, George Osborne announced an upcoming consultation on ‘owner-employee contracts’. Under these proposals, an owner-employee would be able to gain Capital Gains Tax exemption on up to £50,000 of company shares, in exchange for sacrificing some of their UK employment rights. ‘Companies of any size will be able to use this new [...]
Top Two United on the Universal Credit
Iain Duncan-Smith, Work and Pensions Secretary and George Osborne, Chancellor of the Exchequer, wrote a joint article in the Daily Mail at the weekend. In this, they made a number of statements, which are worth mentioning in this Newsletter: The DWP (Mr Duncan-Smith) and the Exchequer (Mr Osborne) are united in delivering the Universal Credit [...]
Mansion Tax – Not Under the Current Coalition
The ‘Mansion Tax’ is a levy on the wealth according to the value of your property. This could work by making home owners, where the home is worth more than £2 million, pay a 1% annual charge on the balance above that threshold. However, Prime Minister David Cameron has ruled out any such tax under [...]
Flat Rate State Pension Reforms
Last week, it was reported that David Cameron, Prime Minister, has personally intervened in the reform of the State pension system, which would see a flat-rate system adopted. He was reportedly said to be concerned that millions, many of whom are core Conservative voters, would not benefit from the reforms or, indeed, would be worse [...]
Autumn Statement 05 December 2012
(www.thesun.co.uk) The second most exciting day in the year for payrollers has been announced as 05 December 2012 during Treasury questions from MPs. This is the day that George Osborne, Chancellor of the Exchequer, will deliver his Autumn Statement to Parliament. In the previous Government, this was known as the Pre-Budget Report and is delivered [...]
National Minimum Wage, Kurzarbeit in the UK, Corporation Tax Telephone Numbers Change the Flat Rate State Pension and FAQ ‘How Long do I have to Keep Payroll Records?’
Well, the nights are certainly drawing in and it is taking that little bit longer to get lighter in the morning. The kids go back to school and the MPs return from their summer recess next week. Yes, summer is nearly over, although not officially until Saturday 22 September 2012, when autumn begins. On this [...]
The Samosa / Pasty Tax
Almost as soon as we referred to the Samosa Tax, it was nicknamed the Pasty Tax – so this is what we shall call it. The Pasty Tax was one of the ‘new’ taxes announced at Budget 2012, which we reported on at the time. Therefore, it makes sense to keep you updated on the [...]
HMRC and Tax Transparency
There have been several moves within the last few months aimed at increasing taxpayers’ awareness of the tax system, how much we pay etc. November 2011 HMRC launched a consultation ‘Modernising the administration of the personal tax system: tax transparency for individuals’. The purpose of this was to understand taxpayers’ understanding of how much tax [...]
From George to Lin – HMRC Objectives for 2012/13
In a friendly letter to HMRC’s new Chief Executive Lin Homer, the Chancellor George Osborne outlines the remit for her department in 2012/13. These are: Improving Tax Collection Chief objective (‘priority’) for Ms Homer is the requirement to maximise revenue in 12/13 in the sum of at least £17 billion. This will be, primarily, by [...]
50p tax v ‘Mansion Tax’
George Osborne referred to it as temporary and said that it could do lasting damage to the economy. Boris Johnson said that it was harming the City of London and last week we reported that over 500 business leaders had called for the abolition of the 50p Additional Rate in a letter to The Daily [...]
50p Tax Rate, Again!
A brief history lesson: The Labour Party manifesto of 2005 pledged ‘we will not raise the basic or top rates of income tax in the next parliament’ Alistair Darling announced in the Pre-Budget Report of 2008 that a new 45% tax rate would be introduced, targeting those earning over £150,000 from April 2011 In fact, [...]
RPI or CPI – are we worried?
Last week, the Office for National Statistics announced the inflation figures for September 2011. Whilst these are always a guaranteed news item, do we really give the figures the attention that they deserve? For example, the headlines read that the Retail Prices Index (RPI) moved to a 20-year high of 5.6%. However, in the acronym-filled payroll [...]
