Our experts are looking at what the Chancellor could, should and shouldn’t do and they have their say.
With regards to childcare
, the Chancellor:
- "Should extend childcare voucher arrangements to enable employees to exchange a greater part of their salary for the child care vouchers. The average cost of full-time childcare in the UK is just under £220 a week, but under the childcare voucher arrangement an employee can only exchange up to £55 a week of their salary (for a basic rate tax payer) leaving a large short-fall. Ideally, childcare should be tax free to all." Genevieve Moore
- "Should allow couples the option to elect to own jointly held shares for married/CPs in proportions other than 50/50 over the whole of a managed portfolio without having to elect on each new reinvestment." Frank Nash
- "Should abolish ATED from April 2017." Frank Nash
Partner Genevieve Moore comments what the Chancellor could do with regard to National Insurance & Income Tax:
- "Could align NI and income tax rates so the least well off are taken out of paying NI.
- "Could increase employers NI to 15% on salaries paid to executives over £150k a year, to try and discourage corporates paying most of the wages to a few highest paid employees.
- "Could decrease employers NI to 10% on salaries paid to employees on the living wage to both encourage employers to pay the living wage, and help set off the cost."
For more information, please contact Genevieve Moore
or Frank Nash