The following Tax practice note provides comprehensive and up to date legal information covering:
There are currently seven different classes of National Insurance contributions (NICs). The type paid depends on the individual's employment status, how much they earn and whether there are any gaps in their National Insurance record. The seven classes of NICs are shown in the table below.
For current rates and thresholds applicable to NICs, see Practice Note: Key UK tax rates, thresholds and allowances.
This Practice Note explains the circumstances in which a secondary contributor may, and may not, recover employer's NICs from an earner (being an employee or director). For simplicity, this Practice Note uses the terms ‘employer’ and ‘employee’ in place of ‘secondary contributor’ and ‘and ‘earner’ respectively.
For details of when NICs charges, namely primary and secondary Class 1 NICs and Class 1A NICs, arise in the context of employment-related securities and securities options, see Practice Note: NICs implications of employment-related securities and securities
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
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