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Dec 2014

17

Statutory payment recovery rates for 2015-2016

The statutory payment recovery rates and NIC threshold for 2015-2016 have now been confirmed.

The Department for Work and Pensions (DWP) have confirmed that the statutory payment recovery rates and NIC threshold will remain the same for 2015-2016:

• 92% if the total Class 1 NICs (both employee and employer contributions) are above £45,000 for the previous tax year,
• 100% plus an additional 3% (NIC compensation rate) if the total Class 1 NICs for the previous tax year are £45,000 or lower.

Posted byAnn TigheinPayroll Software