View more on these topics

McFall wants to widen tax relief to give boost to advice

Former Treasury select committee chairman Lord John McFall is calling on the Government to provide greater subsidies to encourage more people to take financial advice.

Under current rules, pension advice worth £150 a year can be offered as a tax-free benefit to employees who sign up to a corporate scheme. However, if the cost exceeds £150, the whole amount will be taxed. McFall, who is chairing the workplace retirement income commission, wants the Government to provide a greater subsidy.

At the Money Marketing Investment Summit in Bedfordshire last week, McFall said: “The current legislation for advice on pensions allows people to get £150-worth of advice. I think there is room for that in the rest of the financial advice area.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm