HMRC is consulting until 16 January 2020 on draft regulations setting out the requirements for reporting and payment of Class 1A employer NICs on the taxable element of termination awards and sporting testimonial payments, with effect from 6 April 2020, in accordance with the NICs (Termination Awards and Sporting Testimonials) Act 2019.
The regulations will enable HMRC to collect and report the Class 1A NICs due on termination awards above £30,000 and on payments arising from non-contractual and non-customary sporting testimonials above £100,000.
The draft Social Security (Contributions) (Amendment No X) Regulations 2020, together with a guidance note, are available at bit.ly/2JdyIUl.
HMRC is consulting until 16 January 2020 on draft regulations setting out the requirements for reporting and payment of Class 1A employer NICs on the taxable element of termination awards and sporting testimonial payments, with effect from 6 April 2020, in accordance with the NICs (Termination Awards and Sporting Testimonials) Act 2019.
The regulations will enable HMRC to collect and report the Class 1A NICs due on termination awards above £30,000 and on payments arising from non-contractual and non-customary sporting testimonials above £100,000.
The draft Social Security (Contributions) (Amendment No X) Regulations 2020, together with a guidance note, are available at bit.ly/2JdyIUl.
