From 1d96c8379de559bda1b28571ea303ab61769a43f Mon Sep 17 00:00:00 2001 From: Nikhil Woodruff <35577657+nikhilwoodruff@users.noreply.github.com> Date: Fri, 7 Jun 2024 09:22:06 +0100 Subject: [PATCH] Update tax parameters (#867) * Update tax parameters * Update parameters --- changelog_entry.yaml | 4 ++++ .../hmrc/income_tax/charges/CB_HITC/phase_out_rate.yaml | 1 + .../hmrc/income_tax/charges/CB_HITC/phase_out_start.yaml | 1 + .../class_1/rates/employee/additional.yaml | 7 ++++++- .../national_insurance/class_1/rates/employee/main.yaml | 6 ++++++ .../gov/hmrc/national_insurance/class_2/flat_rate.yaml | 2 +- .../hmrc/national_insurance/class_4/rates/additional.yaml | 7 ++++++- .../gov/hmrc/national_insurance/class_4/rates/main.yaml | 8 ++++---- .../class_4/thresholds/lower_profits_limit.yaml | 2 +- .../parameters/gov/hmrc/stamp_duty/abolish.yaml | 7 +++++++ policyengine_uk/variables/gov/hmrc/stamp_duty_land_tax.py | 4 +++- 11 files changed, 40 insertions(+), 9 deletions(-) create mode 100644 policyengine_uk/parameters/gov/hmrc/stamp_duty/abolish.yaml diff --git a/changelog_entry.yaml b/changelog_entry.yaml index e69de29bb..2eef5bbf2 100644 --- 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 index 9a6aaef0e..1e81018f0 100644 --- 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 index d43f50cc7..67e7c5bc1 100644 --- 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/policyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/additional.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/additional.yaml index 559938332..63cd9fbb3 100644 --- a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_1/rates/employee/additional.yaml +++ b/policyengine_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 index 96d4aec0e..5db0b4b95 100644 --- 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 index f215cbf1a..78baea285 100644 --- 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 index 15f55f4ff..64a4a6cd1 100644 --- 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 index ac9a049a2..04be4ac1b 100644 --- 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/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/thresholds/lower_profits_limit.yaml b/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/thresholds/lower_profits_limit.yaml index 521d69dd0..247053445 100644 --- a/policyengine_uk/parameters/gov/hmrc/national_insurance/class_4/thresholds/lower_profits_limit.yaml +++ b/policyengine_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 new file mode 100644 index 000000000..00db20c1e --- /dev/null +++ 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 + \ No newline at end of file diff --git a/policyengine_uk/variables/gov/hmrc/stamp_duty_land_tax.py b/policyengine_uk/variables/gov/hmrc/stamp_duty_land_tax.py index 5846ef295..90f6205bf 100644 --- 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)