Employee perks to lose tax relief

Employee perks to lose tax relief
 

Many employee benefit schemes, such as mobile phone and gym membership contracts, are to lose their tax relief status from April next year.
As part of his Autumn Statement, Chancellor Philip Hammond described them as "unfair".
Known as "salary sacrifice" schemes, they allow employees to give up part of their salary for a non-cash benefit.
This means overall pay is lower, so employees pay less tax and national insurance.
However, schemes covering pensions, child care, ultra-low emission cars and cycling to work will be exempt.
The Reward and Employee Benefits Association... read more

 
23 November 2016 in Business, Views: 41
Source: BBC
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