Draft Finance Bill: Key points for employers
Earlier this month, HMRC published the draft Finance Bill 2017, along with useful information such as: consultation responses, consultation documents, draft regulations and other supporting materials. Among the many items are some key points for employers, which include: reform of the taxation/NIC contributions for termination payments; changes to salary sacrifice benefits (including future company car tax rates and bands); and the removal of the tax reliefs associated with employee shareholder status.
It is possible to comment on the draft legislation as the government says it is committed to ensuring changes such as these work as intended. The consultation will close on 1 February 2017, with the Bill being confirmed in the spring 2017 Budget.
Published: 20 December 2016