Budget announcement — 19 March 2014: income tax and NICs, capital gains tax, employee incentives and pensions
The Budget produced no real surprises as far as remuneration strategy is concerned. We knew about the majority of the changes in advance. However, while it is unlikely to have an impact on your remuneration strategy directly, employees are likely to welcome the changes to the way in which they can access their pension savings in a defined-contribution scheme.
Income tax rates will remain unaltered for the tax year 2014–15.
As previously announced, the personal allowance will increase to £10,000 from 6 April 2014 (from £9,440 for the tax year 2013–14) and then to £10,500 from 6 April 2015. However, from 6 April 2014, the basic rate limit will be reduced to £31,865 (from £32,010) although the higher rate threshold (i.e. the level of income after that tax payers begin to pay the 40 per cent higher rate of income tax) will be increased to £41,865 (from £41,450)…
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Briefings from Addleshaw Goddard
Consultations released on implementation of energy efficiency regulation of the private rented sector
The Department for Energy & Climate Change has published the long-awaited consultation on implementing the provisions of the Energy Act 2011.
The Court of Appeal has overturned a High Court judge’s decision to add words to a non-compete restriction, which had originally offered the employer very little protection.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.