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March 2015 Budget: key points for employment lawyers
Practical Law UK Legal Update 0-605-1069 (Approx. 2 pages)
March 2015 Budget: key points for employment lawyers
| Published on 19 Mar 2015 • England, Scotland, Wales |
A summary of the employment-related points arising from the 2015 Budget, which was delivered on 18 March 2015.
The Budget announced on 18 March 2015 is of limited significance to employment practitioners. The points of interest are as follows:
- The government has accepted the Low Pay Commission's recommendations, and will increase the national minimum wage to £6.70 this autumn with a view to it being over £8 by 2020.
- National insurance contributions (NICs) will be abolished for under 21 year olds this April. In April 2016, NICs will be abolished for employing a young apprentice. In the next Parliament, Class 2 NICs will be abolished for the self-employed.
- The government welcomed the final report of the Office of Tax Simplification on employment status and stated it will respond to the recommendations in the next Parliament.
For further information on the key tax and pension announcements in the Budget, see Legal update, March 2015 Budget: key business tax announcements and Legal update, March 2015 Budget: key pensions announcements and for all of Practical Law's coverage of the Budget, see Practical Law 2015 Budget coverage.