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Aifa calls for removal of employee tax limit for advice

The Association of Independent Financial Advisers is urging the Government to scrap the £150 tax limit for financial advice for employees as part of the April Budget.

Aifa director general Chris Cummings says axing the limit will encourage firms and employees to access advice.

He adds: “In a downturn, access to independent financial advice is even more important, not least as it can help people re-engage with their long term financial well-being.”

Cummings is also calling on the Government to include measures in the Budget that will incentivise people to save for their future.

He says: “We would propose a review of tax incentivised savings regimes, an increase in Isa allowances and the encouragement of younger people to save for their future through the introduction of a tax free savings account which would help them obtain the deposit on a home.

“We want to encourage people to provide for their own futures, so a review of the crystallisation rules and taxation regime for pensions is also necessary.”


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