Update tax parameters (#867)

* Update tax parameters * Update parameters
PolicyEngine · Jun 7, 2024 · 1d96c83 · 1d96c83
1 parent de4c688
commit 1d96c83
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Showing 11 changed files with 40 additions and 9 deletions.
diff --git a/changelog_entry.yaml b/changelog_entry.yaml
@@ -0,0 +1,4 @@
+- bump: minor
+  changes:
+    added:
+    - Recent reforms to Income Tax and NI.
diff --git a/policyengine_uk/parameters/gov/hmrc/income_tax/charges/CB_HITC/phase_out_rate.yaml b/policyengine_uk/parameters/gov/hmrc/income_tax/charges/CB_HITC/phase_out_rate.yaml
@@ -1,6 +1,7 @@
 description: Percent of Child Benefit recollected for every £1,000 over the phase-out threshold
 values:
   2015-06-05: 0.1
+  2024-01-01: 0.05
 metadata:
   period: year
   name: CB_HITC_reduction_rate

diff --git a/policyengine_uk/parameters/gov/hmrc/income_tax/charges/CB_HITC/phase_out_start.yaml b/policyengine_uk/parameters/gov/hmrc/income_tax/charges/CB_HITC/phase_out_start.yaml
@@ -1,6 +1,7 @@
 description: Income after which the Child Benefit phases out
 values:
   2015-06-05: 50_000
+  2024-01-01: 60_000
 metadata:
   period: year
   name: CB_HITC_reduction_threshold

diff --git a/...cyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/additional.yaml b/...cyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/additional.yaml
@@ -7,7 +7,12 @@ values:
       reference:
         - title: Autumn Budget and Spending Review 2022
           href: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1043689/Budget_AB2021_Web_Accessible.pdf
-
+  2024-04-04:
+    value: 0.0185
+    metadata:
+      reference:
+        - title: National Insurance Contributions (Reduction in Rates) Act 2024 s 1
+          href: https://www.legislation.gov.uk/ukpga/2024/5/section/1
 metadata:
   label: NI Class 1 additional rate
   name: NI_add_rate

diff --git a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/main.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/main.yaml
@@ -19,6 +19,12 @@ values:
       reference:
         - title: "Autumn Statement 2023: National Insurance Factsheet"
           href: https://www.gov.uk/government/publications/autumn-statement-2023-national-insurance-factsheet/autumn-statement-2023-national-insurance-factsheet
+  2024-04-01:
+    value: 0.08
+    metadata:
+      reference:
+        - title: National Insurance Contributions (Reduction in Rates) Act 2024 s 1
+          href: https://www.legislation.gov.uk/ukpga/2024/5/section/1
 metadata:
   label: NI Class 1 main rate
   name: NI_main_rate

diff --git a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_2/flat_rate.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_2/flat_rate.yaml
@@ -11,7 +11,7 @@ values:
       reference:
         - title: The Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2022(3)(a)
           href: https://www.legislation.gov.uk/uksi/2022/232/regulation/3/made#regulation-3-a
-  2024-04-06:
+  2024-01-01:
     value: 0
     metadata:
       reference:

diff --git a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/rates/additional.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/rates/additional.yaml
@@ -7,7 +7,12 @@ values:
       reference:
         - title: Autumn Budget and Spending Review 2022
           href: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1043689/Budget_AB2021_Web_Accessible.pdf
-
+  2024-01-01:
+    value: 0.02
+    metadata:
+      reference:
+        - title: National Insurance Contributions (Reduction in Rates) Act 2024 s 1
+          href: https://www.legislation.gov.uk/ukpga/2024/5/section/1
 metadata:
   label: NI Class 4 additional rate
   name: NI_class_4_add_rate

diff --git a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/rates/main.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/rates/main.yaml
@@ -13,12 +13,12 @@ values:
       reference:
         - title: Health and Social Care Levy Act (Repeal) 2022
           href: https://www.legislation.gov.uk/ukpga/2022/43/section/2
-  2024-04-06:
-    value: 0.08
+  2024-04-04:
+    value: 0.06
     metadata:
       reference:
-        - title: "Autumn Statement 2023: National Insurance Factsheet"
-          href: https://www.gov.uk/government/publications/autumn-statement-2023-national-insurance-factsheet/autumn-statement-2023-national-insurance-factsheet
+        - title: National Insurance Contributions (Reduction in Rates) Act 2024 s 1
+          href: https://www.legislation.gov.uk/ukpga/2024/5/section/1
 metadata:
   label: NI Class 4 main rate
   name: NI_class_4_main_rate

diff --git a/...ine_uk/parameters/gov/hmrc/national_insurance/class_4/thresholds/lower_profits_limit.yaml b/...ine_uk/parameters/gov/hmrc/national_insurance/class_4/thresholds/lower_profits_limit.yaml
@@ -12,7 +12,7 @@ values:
       reference:
         - title: National Insurance Contributions (Increase of Thresholds) Act 2022
           href: https://www.legislation.gov.uk/ukpga/2022/16/section/2/enacted
-  2026-04-06:
+  2024-01-01:
     value: 12_570
     metadata:
       reference:

diff --git a/policyengine_uk/parameters/gov/hmrc/stamp_duty/abolish.yaml b/policyengine_uk/parameters/gov/hmrc/stamp_duty/abolish.yaml
@@ -0,0 +1,7 @@
+description: Abolish Stamp Duty Land Tax.
+values:
+  2000-01-01: false
+metadata:
+  unit: bool
+  label: Abolish SDLT
+
diff --git a/policyengine_uk/variables/gov/hmrc/stamp_duty_land_tax.py b/policyengine_uk/variables/gov/hmrc/stamp_duty_land_tax.py
@@ -200,7 +200,9 @@ class expected_sdlt(Variable):
     value_type = float
     unit = GBP
 
-    def formula(household, period):
+    def formula(household, period, parameters):
+        if parameters(period).gov.hmrc.stamp_duty.abolish:
+            return 0
         return (
             household.state("property_sale_rate", period)
             * household("stamp_duty_land_tax", period)