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The fundamental principles of salary sacrifice schemes: what they are, how they work and their future prospects.
KEY POINTS
- As well as tax and employment law issues salary sacrifice can also have VAT implications.
- Due to concern on reduced National Insurance liabilities HM Treasury are actively monitoring the effect of salary sacrifice arrangements.
- Employees entering into salary sacrifice arrangements should opt out only if there has been a “lifestyle event”.
- The Reed Employment plc case is a reminder of the importance of correct documentation.
- Employees should understand that they are entering into a salary sacrifice scheme.
- Corporate discounts may mean that salary sacrifice arrangements remain attractive.
- HMRC can provide clearance for a salary sacrifice scheme but only...
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