In its pre-budget submission to the HM Treasury, financial services provider Skandia has urged to enhance the threshold of workplace advice tax relief to at least £300.
Currently, income tax exemption threshold for workplace advice is £150 a year.
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Skandia, a member of the Old Mutual Group, further said the current tax relief introduced in December 2004 failed to accommodate inflation or wider financial planning issues.
Skandia retirement product lead Bob Champion was quoted by moneymarketing.co.uk as saying that extending the tax relief available could encourage more employers to engage with the process and ensure more of their employees receive a better financial outcome, in retirement in particular.
"As a person’s workplace becomes their major reference point with regard to their pension, it makes sense for the employer to be able to help their employees get access to quality advice," Champion added.
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