Group Risk trade body GRiD said it was disappointed that the Autumn Statement provided no exemption for Group Life or Income Protection as changes to salary sacrifice schemes were announced today. Group Risk trade body GRiD said it was disappointed that the Autumn Statement provided no exemption for Group Life or Income Protection as changes to salary sacrifice were announced today.
Chancellor Philip Hammond has restricted the tax-free benefits offered by salary sacrifice schemes - a move that is set to save the government more than £1bn by 2022. The chancellor said the restrictions to the salary sacrifice regime would take effect from April 2017 - a move HM Treasury said would mean "most salary sacrifice schemes will be subject to the same tax as cash income". Speaking in the House of Commons, Hammond said that pensions, childcare vouchers, cycle to work schemes and ultra-low emission cars (those with CO2 emissions of up to 75g/km) would be exempted from these c...
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