United Kingdom Tax Agency Updates Guidance on Rates, Thresholds for Employers for Tax Year 2026-2027

The United Kingdom HM Revenue and Customs Jan. 30 updated the guidance on the tax year 2026-2027 rates and thresholds for employers, effective April 6, 2026, to April 5, 2027. The updated guidance includes: 1) the standard employee personal allowance of 12,570 British pounds (US$17,140) per year; 2) pay-as-you-earn (PAYE) income tax rates for England, Wales, Northern Ireland, and Scotland; 3) updated Class 1 National Insurance thresholds and contribution rates; 4) the 15 percent rate for National Insurance Class 1A expenses and benefits, termination awards, and Class 1B PAYE settlement agreements; 5) revised statutory payment rates and the annual employment ...