HMRC has launched a consultation on draft clauses that will allow employers to apply a zero-rate of secondary class 1 NICs on the earnings of veterans during the first year of their civilian employment. The measure aims to provide employers with up to £5,000 of relief for each qualifying veteran they hire. A veteran will qualify if they have completed at least one day of basic training in the regular armed forces. Employers will be able to claim the relief for the 12-month period starting on the first day of the veteran’s first civilian employment since leaving the forces, and the measure is expected to apply for tax years 2021/22, 2022/23 and 2023/24 (subject to further review). The consultation closes on 8 March 2021.
HMRC has launched a consultation on draft clauses that will allow employers to apply a zero-rate of secondary class 1 NICs on the earnings of veterans during the first year of their civilian employment. The measure aims to provide employers with up to £5,000 of relief for each qualifying veteran they hire. A veteran will qualify if they have completed at least one day of basic training in the regular armed forces. Employers will be able to claim the relief for the 12-month period starting on the first day of the veteran’s first civilian employment since leaving the forces, and the measure is expected to apply for tax years 2021/22, 2022/23 and 2023/24 (subject to further review). The consultation closes on 8 March 2021.
