The Savings (Government Contributions) Bill 2016-17 outlines two new savings schemes – the Lifetime ISA and Help to Save accounts. The LITRG welcomes attempts by the Government to incentivise individuals to save both for their short and long term financial security, but points out that there still ...
HMRC are proposing to limit the range of benefits in kind (BIKs) that attract income tax and/or National Insurance contribution (NIC) advantages when provided as part of salary sacrifice arrangements.
While LITRG supports the overall aim of the new system to save time and money for employers and HMRC alike, we have a number of reservations regarding the effects that the proposed administrative ‘simplifications’ might have on small and micro employers such as care and support employers.
LITRG has submitted comments to HMRC on two consultations on different approaches to tackling the hidden economy – one on sanctions and the other on conditionality. The fact that both consultations are taking place at an early stage in the development of policy is welcome.
Although the LITRG welcomes the opportunity for people to access pension funds for the purpose of paying for independent advice on retirement planning, we do not consider that the proposed £500 is anywhere near adequate to meet the probable fees of an independent financial adviser or other ...
LITRG has submitted comments to HMRC and HMT on draft legislation to simplify the income tax and National Insurance (NIC) treatment of termination payments. This follows an initial consultation in 2015, to which LITRG also responded. We thought that the proposals in the original 2015 consultation ...