9 NEW LAWS AND CHANGES COMING TO UK
In this blog we will be telling you about the Nine new laws and changes coming into force that you must know about.
Here is a list of all the new laws and changes, and how they will affect you.
- Income cuts for Universal Credit claimants
- Termination of Furlough Scheme
- Grants available for Tier two companies
- Generous Job Support Scheme
- Additional Assistance for self-employed
- UK wide Lockdown
- Public sector exit payments
- Loans, credit cards and overdrafts rules changed
- Rules for flying Drones
Lets talk about the new laws and changes in detail
Income cuts for Universal Credit claimants
Thousands of individuals might see their Universal Credit income cut by hundreds of pounds on monthly basis when a change comes into effect from 13 November 2020.
The main change, called the Minimum Income Floor (MIF), restricts how much self-employed people can attain in benefits.
It was postponed for eight months because of the Coronavirus pandemic, but that interruption is due to end on 13 November 2020.
Termination of Furlough Scheme
The furlough scheme formally terminated on Halloween this year, with the UK government substituting the Coronavirus Job Retention Scheme.
After Chancellor Rishi Sunak revealed the scheme at the height of the Coronavirus pandemic, it has offered cash assistance to workers across the UK.
But it has to diminish gradually last month ahead of its climax on 31 October 2020.
Mr Rishi Sunak has in its place chosen to substitute it with a Coronavirus Job Support Scheme – which many columnists have pointed out delivers far less help.
Grants available for Tier two companies
Billions of pounds of additional assistance have been published for organisations and employees hit by Covid-19 limitations.
The package, declared by Chancellor Rishi Sunak, includes creating the Job Support Scheme, which substitutes the present furlough system, more substantial.
There will also be funding of £2,100 obtainable for firms in Tier 2 areas of England, mainly targeted at assisting hospitality and leisure venues which have seen incomes fall because of the restrictions on households socialising.
According to the Treasury, approximately 150,000 business in England could be eligible for this grant.
Generous Job Support Scheme
The Job Support Scheme – the strategy intended to substitute the furlough system from 1 November 2020 will be composed more substantial across the UK.
Instead of only being available to individuals in “viable” jobs working a third of their usual hours, it will now overlay employees doing just 20% of their normal work.
The total that employers are obligated to pay to complete their wages has also been lessened to just 5% of unworked hours, down from 33%.
Extra assistance for the self-employed will see the amount comprised by grants upsurge from 20% of profits to 40%, signifying the maximum payment will rise from £1,875 to £3,750.
This will sum up to a possible additional £3.1 billion of support to the self-employed over November 2020 to January 2021, with an additional grant to follow covering February 2021 to April 2021.
Additional Assistance for self-employed
Additional assistance for the self-employed will observe the expanse covered by grants upsurge from 20% of profits to 40%, signifying the maximum disbursement will increase to £3,750 from £1,875.
This will sum up to a possible additional £3.1 billion of assistance to the self-employed throughout November 2020 to January 2021, with an added grant to pursue covering February2021 to April 2021.
UK wide Lockdown
Lockdown have been forced across the UK in November 2020 – including Wales and Northern Ireland.
Prime Minister Boris Johnson announced a second national lockdown for England to prevent a “medical and moral disaster” for the NHS.
He further mentioned Christmas may be “very unusual” but he expected taking action now would mean families can gather.
Pubs, restaurants, gyms and non-essential shops will have to close for four weeks from Thursday, he said.
But not like the restrictions in spring, schools, colleges and universities can stay open.
After 2 December 2020, the lock down limitations would be reduced and regions would go back to the tiered system.
Public sector exit payments
From 4 November 2020 there will be a threshold on exit payments for public sector workers together with teachers and nurses.
The limit will be comprised on everything from compensation pay to money in lieu of notice.
Redundancy payments, payments made through conciliation, shares and share options are also included in the limit.
Loans, credit cards and overdrafts rules changed
Officials have authorized that anybody with credit card payments, overdrafts or loans will not have to be concerned about their debts inflating due to the Coronavirus pandemic.
From 1 November 2020, the new rules will substitute the present assistance, which compels banks to offer payment holidays to those struggling with their finances.
The previous assistance offered by the UK Government has already expired on 1 November 2020.
The Financial Conduct Authority (FCA) mentioned banks and other lenders will as an alternative be obligated to provide customers custom made support to stop debt increase, including abandoning interest payments, prolonging loan terms and dumping other charges.
Rules for flying Drones
If you operate a drone weighing over 2kg from 1 November 2020, you will be required a General Visual Line of Sight Certificate.
This is a substitution for the Permission for Commercial Operations and signifies you have to complete a manual, pass a theory test and a flight test.