Proposed New Tax Legislation Affecting Salary Sacrifice Essay

Proposed New Tax Legislation Affecting Salary Sacrifice for the Provision of Benefits in Kind At the Budget 2016 the government announced that due to concerns over the rising cost of salary sacrifice, it would consider limiting the range of benefits-in-kind (BIK) that attract income tax and National Insurance Contributions (NIC) advantages when provided as part of salary sacrifice arrangements. Following this Budget announcement, on 10th August HMRC published a consultation document which sets out a high level proposal for the future tax treatment of BIK offered via salary sacrifice. The consultation period will run from 10th August to 19th October, and during this time Willis Towers Watson will be reviewing the proposals together with industry bodies, as well as looking at what providers have to say, before responding to HMRC. The proposal may be subject to change and/or clarification following the consultation period. The government expects to make an announcement on decision made following the consultation in the Autumn Statement 2016. The proposed changes in summary The main proposed change is to introduce new tax legislation from 6th April 2017 that will make a BIK provided through salary sacrifice chargeable to income tax and Class 1A employer NIC, even if the BIK is normally exempt from tax and Class 1A NIC. The BIK charge will be calculated as the greater of the salary sacrifice amount or the cash equivalent. 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