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Govt plans workplace advice tax boost

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The Government will extend the tax reliefs offered on employer-arranged advice as part of a series of measures to boost take-up, Chancellor George Osborne has announced.

Currently, companies can pay up to £150 per employee per year towards the cost of pension advice before they are subject to a benefit-in-kind tax charge.

In February Money Marketing revealed Treasury officials were considering raising the limit.

And the Government has today proposed raising the exemption to £500 in April 2017.

In addition, the Treasury will consult on allowing people to withdraw up to £500 tax-free from their defined contribution scheme to redeem against the cost of advice.

The measures are being introduced in response to recommendations from the Financial Advice Market Review.

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