Useful Rates
| 2014/15 | |
| Basic Retirement Pension | |
| Single person | £113.10 |
| Married couple | 180.90 |
| Child Benefit | |
| First eligible child | 20.50 |
| Each subsequent child | 13.55 |
High Income Child Benefit Charge (HICBC)
Where someone receives child benefit and they or their spouse/civil partner/co-habitee has 'adjusted net income' above £50,000, the HICBC becomes payable. A couple’s income is not combined for these purposes. The higher income person has to self assess the tax, which is 1% of child benefit for every £100 of income above £50,000. When income equals or exceeds £60,000, 100% of the child benefit is clawed back.
| National Minimum Wage | ||
| Rates per hour | from 1.10.13 | from 1.10.14 |
| Aged 21 and over | £6.31 | £6.50 |
| Aged 18 – 20 | 5.03 | 5.13 |
| Aged 16 – 17 | 3.72 | 3.79 |
Lower rates may apply for apprentices.
You are advised to consult us before acting on any information contained herein.