The Autumn Statement 2016
The Autumn Statement 2016
Charles Russell Speechlys’ partners provided media commentary on today’s Autumn Statement and spending review.
Corporate Tax and Employment, Pensions and Immigration
Commenting on the Chancellor’s announcements on salary sacrifice schemes in the Autumn Statement, Martin Griffiths, Partner at Charles Russell Speechlys, said:
“The Chancellor’s announcement on salary sacrifice schemes, extensively pre-briefed, have been on the agenda for some time after being confirmed in consultation. The government are keen to clamp down on schemes which they perceive to divert money from the Exchequer, but they will hope to avoid criticism for retaining popular workplace benefits such as pensions, childcare vouchers and Cycle to Work schemes”
“However, employers will want to study the rules carefully to consider whether the schemes they offer and the way they operate fit within the new rules announced today”
Salary sacrifice scheme changes announced in the Autumn Statement:
From April 2017, most salary sacrifice schemes will be subject to the same tax as cash income.
In salary sacrifice schemes, employees exchange some of their salary for a non-cash benefit in kind (such as a mobile phone). Both the employer and employee make a tax saving, because the benefit is taxed less than a salary or not taxed at all.
This will affect types of salary sacrifice schemes differently, pensions, pensions advice, childcare, Cycle to Work and ultra-low emission cars will be exempt
All arrangements in place before April 2017 will be protected for up to a year, and arrangements in place before April 2017 for cars, accommodation and school fees will be protected for up to 4 years
Commenting on the implications for private client advisors, Piers Master, Partner at Charles Russell Speechlys, said:
“The Autumn Statement contained little that will have surprised private client advisers.
“We are pleased to see that rumours the Government would introduce anti-forestalling rules did not materialise. These measures could have challenged the ability of our clients to prepare for the April 2017 tax changes to long-term UK resident non-domiciliaries.
“We await with great interest the publication of draft legislation on these changes on 5th December, which we hope will allow affected individuals and their advisers to plan with greater certainty.”
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Michael Powner quoted by Personnel Today on the implications of the Uber Supreme Court ruling on the gig economy
While the case is fact specific, the decision is likely to be a very persuasive authority for tribunals ruling on others in the gig economy.
Michael Powner quoted by Bloomberg, PA Media and People Management on the Supreme Court's ruling on the employment status of Uber drivers
The Supreme Court unanimously found that Uber drivers are workers under UK law.
Graeme Kleiner, Hugh Gunson and Tom Watts write for Trusts and Estates Law & Tax Journal on the implications of the decision in Mackay v Wesley
Those taking on a trusteeship must be fully informed.
Nick Hurley quoted by the Daily Mirror on 'no jab, no job' policies
'No jab, no job' may seem clear and concise, but mandatory policies requiring the Covid-19 vaccine are far from straightforward.
How to manage redundancies: practical steps
What are the practical considerations when carrying out a redundancy exercise?
EMI share options, Covid-19, and Brexit – where are we now?
What are the new measures to employers operating EMI schemes that have been affected by the pandemic?
Spring Budget 2021 - predictions
Spring budget 2021 - what will the Chancellor do?
Julia Cox quoted by Citywealth on the shared home exemption
For those who purchased a second home during the past year, they might want to explore the shared home exemption.
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What should employers consider when preparing for a redundancy situation?
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Piers Master named in eprivateclient’s 50 Most Influential 2021
Piers Master has been included in the rankings recognising the key players in the UK and offshore private client practitioner sector.
William Marriott quoted by The Telegraph on the impact of Land Registry delays on the UK property market
Home buyers and sellers are at risk of missing the stamp duty holiday because of hold-ups, which could cause deals to collapse.
Post-Brexit Implications for UK/EU Business Travel
How companies need to monitor the activities of their employees on business trips in a post-Brexit world.
Trevor Bettany quoted by People Management on the use of 'fire and rehire' tactics
Trevor Bettany considers questions around the legalities of ‘fire and rehire’ tactics.
Sarah Jane Boon
Sarah Jane Boon quoted by the Evening Standard on the Court of Appeal's decision in the Derhali divorce
Need a holiday? How about extending one?
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It is good news that the housing market can continue to operate, with appropriate safeguards, throughout this third national lockdown.
Nick Hurley quoted by SmallBusiness.co.uk on the legal issues around implementing mandatory vaccination policies
As the Covid-19 vaccine rollout continues, Nick Hurley considers whether employers can make it mandatory for staff to get the jab.