Overview

This bill amends the National Insurance Contributions Bill, primarily adjusting thresholds for National Insurance contributions and enhancing transparency in freeports. It also allows for regulatory flexibility regarding veterans' employment and clarifies certain aspects of the original bill.

Description

The amendments make several key changes:

• Freeport Transparency: Requires freeports to publicly record information about businesses operating within them, including beneficial ownership details, to improve transparency and aid enforcement.
• National Insurance Thresholds: Sets specific upper secondary thresholds for National Insurance contributions for the tax years beginning 6 April 2021 and 6 April 2022. These thresholds are £481 and £967 respectively for weekly earners and adjusted proportionally for other pay periods.
• Veterans' Employment: Gives the Treasury the power to adjust the timeframe for certain benefits relating to veterans' employment to improve retention and employment rates.
• Regulatory Flexibility: Grants the government broader authority to adjust various aspects of the National Insurance system through secondary legislation (regulations).

Government Spending

The bill doesn't directly specify government spending changes. The adjustments to National Insurance thresholds might indirectly affect government revenue, but precise figures are not provided in the amendment text. The potential impact on employment and retention of veterans could lead to future savings in benefit payments but quantifying this is not possible based on the information provided.

Groups Affected

Several groups are potentially affected:

• Employers in Freeports: Required to cooperate with enhanced transparency measures.
• Employees: The changes to National Insurance thresholds affect the amount of National Insurance they pay. Higher threshold translates to less National Insurance Contributions deducted from their salary for relevant tax years.
• Veterans: May benefit from potential adjustments to benefit timeframes, aiding their employment prospects.
• Enforcement Agencies: Will have easier access to information on businesses operating in freeports.
• The Public: Will have greater access to information on businesses operating in freeports.

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