National_Insurance_Contributions_Act_2014

National Insurance Contributions Act 2014

National Insurance Contributions Act 2014

United Kingdom legislation

The National Insurance Contributions Act 2014 (c. 7) is an act of the Parliament of the United Kingdom that received royal assent on 13 March 2014, after being introduced on 12 October 2013. The act entitled employers to an allowance up to £2,000 against their National Insurance Contributions liability for a tax year.[2]

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Overview

The act created an employment allowance for up to £2,000[3] or an amount equal to the total liabilities to pay secondary Class 1 national insurance contributions (NICs) if lower,[4] for any person or company paying secondary Class 1 NICs for one for more employees,[5] subject to some exceptions.

The allowance specifically does not apply to public authorities,[6] employers employing a person for purposes connected with the employers personal affairs,[7] service companies[8] or where a businesses has been transferred during the tax year.[9] Where two companies are connected under common control then only one of the companies may claim the allowance.[10]

The allowance is designed to be claimed as a deduction from payments due to Her Majesty's Revenue and Customs (HMRC).

See also

References

  1. [1]
    "National Insurance Contributions Act 2014 - Commencement Dates". The Stationery Office. Retrieved 23 August 2014.
  2. [2]
    "National Insurance Contributions Act 2014 - Legislation PDF" (PDF). The Stationery Office. Retrieved 23 August 2014.
  3. [3]
    National Insurance Contributions Act 2014: Section 1, Paragraph 2(a)
  4. [4]
    National Insurance Contributions Act 2014: Section 1, Paragraph 2(b)
  5. [5]
    National Insurance Contributions Act 2014: Section 1, Paragraph 1
  6. [6]
    National Insurance Contributions Act 2014: Section 2, Paragraph 1
  7. [7]
    National Insurance Contributions Act 2014: Section 2, Paragraph 3
  8. [8]
    National Insurance Contributions Act 2014: Section 2, Paragraph 4
  9. [9]
    National Insurance Contributions Act 2014: Section 2, Paragraph 6
  10. [10]
    National Insurance Contributions Act 2014: Section 3, Paragraph 3
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