Annual Statutory Rate Increases
Alan Kitto
The Government has announced the statutory rate changes that will take effect from 6th April 2020. The changes are as follows:
The Employee Personal Tax Allowance - £12,500 (making a standard tax code 1250L)
The higher rate tax rate (40%) applies from earnings in excess of £37,500,; the 45% rate applies to earnings in excess of £150,000
Statutory Maternity, Adoption and Shared Parental Pay will all be £151.20 or 90% of average earnings, whichever is the lower
Statutory Sick Pay will be £95.85 per week
A week’s pay for calculating redundancy pay will be capped at £538.00
The maximum compensatory award for unfair dismissal claims will be a year’s salary or £88,519 whichever os the lower
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