Feeds

OFT intros simpler terms for Home Computing Initiative

Less red tape, no income tax liability

  • alert
  • submit to reddit

Internet Security Threat Report 2014

The Office of Fair Trading has cut at least some of the red tape tangling up employers trying to implement schemes which allow staff to work from home using company PCs.

OFT yesterday unveiled a consumer credit licence that will, for the first time, cover employers' Home Computing Initiative (HCI) schemes and allow firms to loan computer equipment to employees free of any income tax liability.

Under the terms of the Group Licence, OFT now considers the agreements between employers and employees participating in the schemes will be consumer hire agreements as regulated by the Consumer Credit Act 1974.

The OFT said employers will be covered by the group licence so long as they are undertaking activities within its terms.

However the government agency added that the Group Licence will cover only those agreements between "employers who provide or make available to their employee/s or a member of their employee/s' family or household, computer equipment under an employee benefit scheme designed to allow the employee to take advantage of any income tax exemption for that benefit, in particular that provided by Section 320 of the Income Tax (Earnings and Pensions) Act 2003."

Penny Boys, OFT executive director, said: "The group licence enables employers to provide home computing benefits to staff without requiring them to apply individually for a consumer credit licence for this purpose."

Whitehall is to launch guidelines next week for employers planning to implement HCI schemes on 19 Jan. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.