How Finance Bill 13 will affect payroll professionals
Many of the measures have already been consulted upon so there weren’t too many surprises in the 296 page document.
To follow is a summary of the key elements which affect the payroll function, some indirectly, but those not in the payroll profession would be surprised by the variety of issues that are actually dealt with.
- Tax status of Universal Credit
- Cap on unlimited tax reliefs
- Statutory residence test
- Ordinary residence
- Statement of practice 1/09 (SP1/09)
- Pensions tax relief
- Family pension plans
- Income tax and national insurance contributions (NICs) reform
- Employer supported childcare
- 2012 Autumn Statement/Finance Bill 2013 at a glance
- Detailed Finance Bill coverage
- Rebecca Benneyworth's Finance Bill guide, sponsored by CPAA
Each clause of the draft Finance Bill 2013 is accompanied by a Tax Information and Impact Note (TIIN) which sets out what the legislation seeks to achieve and why the government is undertaking the change and a summary of the expected impacts; and an explanatory note which provides a more detailed guide to the legislation. Accompanying documents also include overviews and responses to various consultations held over the summer.