NIC Act 2019 receives Royal Assent
The National Insurance Contributions (Termination Awards and Sporting Testimonials) Bill has received Royal Assent, to become the National Insurance Contributions (Termination Awards and Sporting Testimonials) Act 2019.
The Act aligns the employer NICs treatment of termination awards in excess of £30,000, received in connection with the termination of an individual’s employment, with the Income Tax treatment for such payments, by introducing a new 13.8% Class 1A employer NIC charge to any part of a termination award that is already Income Tax liable. Termination awards will remain exempt from employee NICs. The provisions are expected to take effect from 6 April 2020.
Newsletter
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
Latest news
- Do you have additional income streams?
03/07/2025 - More...
Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position for
- Setting up a payroll scheme
03/07/2025 - More...
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll
- What if you no longer need to submit a tax return
03/07/2025 - More...
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or no longer rent out