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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