The government should extend a tax exemption for employers who arrange financial advice for employees to address the "inconvenient truth" about attempts to broaden access to advice, a wealth manager has said.
The HMRC exemption from an employee benefits tax charge for regulated advice costing an employer up to £150 per person per year - in place since 2004 - could be increased to as much as £1,000 per individual, investment and wealth manager Thomas Miller Investment has suggested. Such a change would have little impact on tax receipts while take-up would be high as it is free to employees. More pertinently, it would confront the "inconvenient truth" that "the only way to ensure people make good decisions is to ensure they get good, sound advice from highly qualified, highly-regulated advi...
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