Workplace pensions, childcare and cycle to work schemes have been left out of plans to reform salary sacrifice, according to a recently published HM Revenue & Customs (HMRC) consultation.
In Consultation on salary sacrifice for the provision of benefits in kind views are not being sought on employer pension contributions or employer provided pension advice based on the recommendations of the Financial Advice Market Review (FAMR). This is in line with Budget 2016 where the government said it would exclude a number of benefits in kind (BiK) as it wished to encourage employers to provide these to employeers. Employer supported childcare and the provision of workplace nurseries will also be excluded as are health-related benefits such as the cycle to work scheme. Howeve...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
