View more on these topics

Govt delays NICs changes for self-employed

The Government has decided to delay its planned increase in national insurance contributions for the self-employed in a move welcomed by campaigners.

Class 2 NICs were set to be abolished from next April, but the Government will now postpone the move for a year.

The delay comes as campaigners had expressed concerns over the impact of the change on the state pensions of the low-paid self-employed, particularly women.

For those earning below £6,025, they do not automatically pay the £2.85 a week class 2 rate, but pay optional class 2 NICs to gain state pension entitlement.

However, they will have to pay the more expensive class 3 contributions as things stand.

Has the NICs U-turn killed off auto-enrolment for the self-employedMore than 900,000 people earned below the £6,025 threshold, Government statistics fro 2015/16 show.

The Low Incomes Tax Reform Group of the Chartered Institute of Taxation told The Guardian: “This is a welcome announcement that shows the Government is listening.”

Recommended

Money-Currency-Coins-Pound-GBP-700.jpg
1

Parmenion removes initial charges

Standard Life Aberdeen-owned platform Parmenion has removed its initial fee and initial dealing charges for new business and top-ups. Parmenion previously charged a 0.25 per cent initial fee, as well as an initial 0.9 per cent dealing fee on active solutions. The initial charges have been removed across all wrappers and products including Sipps and drawdown. […]

FCA reveals costs of extending Senior Managers Regime

The FCA has provided further clarity on the £13.4m cost it expects to incur by extending the Senior Managers Regime to all financial services firms, including advisers. Responding to a Freedom of Information Act request, the FCA said that it has budgeted £514,000 – of which it has so far spent £4,000 – for external […]

Scottish Widows mulls Standard Life corporate pensions book takeover

Lloyds Banking Group is believed to be in advanced talks to buy the Standard Life corporate pensions book and roll it into Scottish Widows. The deal, following on yesterday’s announcement that Lloyds is buying the Zurich corporate pensions book, would make Scottish Widows the largest corporate pensions provider in the UK by a considerable margin. Speculation […]

The Merchants Trust

Simon Gergel, portfolio manager, The Merchants Trust, Allianz Global Investors, discusses the aim and objective of the fund, what challenges there are in running a concentrated portfolio, where to find the most value in equity markets and how the portfolio is currently positioned.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment