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2012 Autumn Statement: key employment law implications
Practical Law UK Legal Update 9-522-9502 (Approx. 4 pages)
2012 Autumn Statement: key employment law implications
by PLC Employment
| Published on 06 Dec 2012 • England, Scotland, Wales |
On 5 December 2012, the Chancellor, George Osborne, delivered his Autumn Statement. The statement included a number of announcements of interest to employment lawyers.
The 2012 Autumn Statement included a number of announcements of interest to employment lawyers, including:
- Measures to implement the Nuttall review on employee ownership (see Legal update, 2012 Autumn Statement: share schemes & incentives aspects).
- New legislation to introduce a new employee shareholder status (formerly employee owner) and new details of possible measures to reduce and define income tax and NICs liabilities arising on acquisition of shares by employee shareholders. (See Legal update, 2012 Autumn Statement: share schemes & incentives aspects.)
- Confirmation that the government will shortly launch a consultation on TUPE including proposals to "remove unnecessary burdens on business" (paragraph 2.141, Autumn Statement policy decisions).
- Statutory sick pay, statutory maternity pay, statutory paternity pay and statutory adoption pay to be increased by 1% a year for three years from April 2013 (see HM Treasury, Autumn Statement policy decisions).
- Various small changes to income tax. In particular, the government will ask the Office of Tax Simplification to carry out a review of ways to simplify the taxation of employee benefits and expenses and termination payments. (See Legal update, 2012 Autumn Statement: business tax implications: Employment and pensions and Legal update, 2012 Autumn Statement: private client implications: Lifetime planning.)
The full 2012 Autumn Statement can be found here. For more coverage of the Autumn Statement on PLC, see PLC Autumn Statement 2012.