Veterans who have recently left the armed forces are to be
given a helping hand back into work thanks to a new tax
break, the Chancellor is expected to announce at the
Budget.
Ex-servicemen and women looking to find a job back in
civilian life will benefit, with the Budget set to cut the
National Insurance Contributions employers pay when
they hire veterans.
15,000 veterans leave the armed forces each year, meaning
thousands of businesses could benefit.
An employer taking on a veteran earning £25k will
save around £2,000 in NICs as a result. The relief
will apply for the first year of employment after leaving the
armed forces.
Chancellor of the Exchequer said:
“The UK owes all ex-servicemen and women a tremendous debt
for serving our country and keeping us safe – so it is only
right we help them in every possible way.
“My budget will deliver on the promises we’ve made
to veterans – and to the rest of the British people.”
Defence Minister said:
“I’m determined that this Government will continue to do all we
can to assist veterans, especially when it comes to their
transition back into civilian life.
“These latest government measures will help service leavers
secure employment and ensure greater support for those with
mental health needs.”
Charities and MPs called last year for a coordinated approach
to the post service needs of Armed Forces personnel, and the
new tax break is the latest sign of the government’s commitment
to answer that call.
An Office for Veterans Affairs was set up in July of last year
and £5 million of funding for the Office was provided
at the Spending Round.
Alongside the new tax break, the Chancellor is expected to
announce a further £10 million of additional funds to
support veterans with mental health needs.
The money will be disbursed by the Armed Forces Covenant Fund
Trust and be open to organizations across the UK. Similar
grants in the past have supported charities
including Combat Stress, Help for
Heroes and Walking with the Wounded.
And the Chancellor is set to commit up to
£3 million to support the construction of a memorial to the
Spitfire aircraft and all those who built or flew it in the
Second World War.
In commemoration of the 80th anniversary of the
Battle of Britain in 2020, the memorial will be a permanent
centrepiece at the multi-million Southampton Waterfront
Development.
The Spitfire was produced in Woolston in the East of
Southampton.