Checklist: Revenue's new NIC draft
Customs updates web pages...The Fabian Society releases fairer tax system report...
Inland Revenue
The draft order raising the NIC limits for 2001-02 has been published and laid before parliament.
It provides for the rate of secondary Class 1 contributions to be reduced from 12.2% to 1.9% and the small earnings exception for Class 2 contributions to be increased from £3,825 to £3,955. Class 3 contributions are increased from £6.55 to £6.75 a week while for Class 4 contributions, the lower limit is increased from £4,385 to £4,535 and the upper limit from £27,820 to £29,900.
The Revenue’s latest annual set of statistics has been published. Future editions will only be published on the web.
Customs & Excise
Customs has updated its web pages in respect of the Business Advice open days which provide an opportunity to obtain business information.
Cabinet OfficeThe Cabinet Office has published a new Code of Practice on consultations which aims to increase public involvement in consultation while imposing minimum burden and giving them a standard minimum period of three weeks.
Fabian Society
The Fabian Society report ‘Paying for Progress: A New Politics of Tax for Public Spending’ on tax issues has been released.
It proposes a fairer tax system with a new rate of income tax of 50% on taxable incomes over £100,000 a year, raising £3bn.