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Posted on 4 June 2014

The Queen's Speech

Posted in Legal news

Read time: 2 minutes

Well it’s that time of year again; we have rounded up the more significant parts of the news just for you:

Small Business, Enterprise and Employment Bill (England and Wales)

  • Tougher penalties for firms flouting the minimum wage and abusing zero hour contracts;
  • Adjudicators will be appointed for disputes between pub owners (breweries) and publicans;
  • Preventions on allowing public sector workers to return to similar posts shortly (within 12 months) after receiving generous redundancy packages.
  • A register of beneficial ownership will outline who owns and controls British companies.

Pension Tax Bill (England, Wales, Scotland and Northern Ireland)

  • People over 55 with defined contribution payment schemes will be able to withdraw from their savings as they wish. Income tax may be payable and scheme rules will apply.
  • Existing restrictions on accessing entitlements will be lifted.

National Insurance Contributions Bill (England, Wales, Scotland and Northern Ireland)

  • A simpler way to collect national insurance contributions from the self employed will be implemented.
  • HMRC will receive further powers to enforce payments where tax avoidance has taken place.
  • Anti-avoidance rules will come into place to determine whether schemes are seeking to avoid or minimise national insurance contributions.

Childcare Payments Bill (England, Wales, Scotland and Northern Ireland)

  • In the Autumn of 2015, all parents with children under the age of 12 will be eligible to a new tax-free childcare subsidy worth up to £2,000 a year per child provided they are in paid work and earn under £150,000 a year.