Finance Legislation
Laws governing financial services, banking regulation, insurance, investment, and securities trading.
The Armed Forces and Reserve Forces (Compensation Scheme) (Amendment) Order 2025
This Order amends the 2011 Armed Forces and Reserve Forces Compensation Scheme.
It increases the weekly armed forces independence payment to £187.45 and the Motability payment to £77.05.
Additionally, it adds a new descriptor to Schedule 3, covering overuse injuries of the larynx requiring operative treatment, making a temporary award permanent.
The Non-Domestic Rating (Levy and Safety Net) (Amendment) Regulations 2025
The Non-Domestic Rating (Levy and Safety Net) (Amendment) Regulations 2025 amend the 2013 regulations governing the calculation of retained rates income for local authorities in England and Wales.
Key changes include adjustments to formulas for calculating retained rates income for the year beginning April 1st, 2025, specifically for authorities with 100% business rates retention and the Greater London Authority.
The regulations also correct the retained rates income calculation for North Northamptonshire, addressing an error in the 2022 regulations.
These amendments aim to improve the accuracy of calculations and ensure fair distribution of funds.
The Statutory Neonatal Care Pay (Miscellaneous Amendments) Regulations 2025
These regulations amend existing UK legislation to incorporate statutory neonatal care pay, as introduced by the Neonatal Care (Leave and Pay) Act 2023.
The amendments update the Statutory Payment Schemes (Electronic Communications) Regulations 2002 and Income Tax legislation (Pay As You Earn Regulations 2003 and Construction Industry Scheme Regulations 2005) to include references and administrative processes related to this new parental benefit.
The changes streamline administration and ensure consistent legal treatment of statutory neonatal care pay.
The Help-to-Save Accounts Regulations 2025
The Help-To-Save Accounts Regulations 2025 amend the 2018 regulations governing Help-to-Save accounts.
Key changes include lowering the minimum earned income requirement for Universal Credit claimants to £1 and removing the reference to the national living wage in eligibility criteria.
The amendments aim to simplify eligibility and broaden access to the savings scheme for low-income individuals.
The Social Security (Contributions) (Amendment No. 3) Regulations 2025
These regulations, effective April 6, 2025, amend the Social Security (Contributions) Regulations 2001.
They exclude the qualifying amount of tax redress payments from earnings calculations for Class 1 National Insurance contributions.
This applies to tax redress payments made to members of MPs', Senedd, and Northern Ireland Assembly pension schemes as compensation for tax liabilities arising from a pension calculation method change.
The Social Security (Contributions) (Amendment No. 2) Regulations 2025
The Social Security (Contributions) (Amendment No. 2) Regulations 2025, effective April 6th, 2025, amend the 2001 Social Security (Contributions) Regulations.
Specifically, they modify the reporting requirements for Real Time Information (RTI) employers.
The amendment clarifies that employers must report earnings information to HMRC unless employee earnings fall below either the lower earnings limit or the secondary threshold, whichever is lower.
This ensures consistent reporting even when the secondary threshold is below the lower earnings limit.
A Tax Information and Impact Note was deemed unnecessary due to the absence of substantive tax policy changes.
The Income Tax (Pay As You Earn) (Amendment) Regulations 2025
The Income Tax (Pay As You Earn) (Amendment) Regulations 2025, effective April 6, 2025, amend the 2003 PAYE Regulations.
Key changes include defining a 'secondary threshold' aligned with the 1992 Social Security Contributions and Benefits Act and modifying regulations 47(2), 48(2), 49C(2), and 49D(2) to use either the lower earnings limit or the secondary threshold (whichever is lower) for initial payments.
The amendments aim to enhance clarity and consistency in income tax deduction calculations.
The National Health Service Pension Schemes (Amendment) Regulations 2025
The National Health Service Pension Schemes (Amendment) Regulations 2025 amend multiple NHS pension scheme regulations, primarily correcting errors and inconsistencies, updating tax provisions following the abolition of the lifetime allowance, improving leave provision, and enhancing calculation accuracy.
These changes affect various NHS pension schemes introduced in 1995, 2000, 2008, and 2015, with several provisions applied retrospectively.