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Introduction to Newsletter 12.05.10
Thursday, May 13th, 2010
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Although the government departments have stopped issuing press releases pending the formation of a new government, HMRC has continued to make some announcements, among which is a list of amendments to the invaluable Employment Income Manual. Some of the key changes have been highlighted in this newsletter and the full detail can be examined by following the relevant links.
Among the amended guidance is some new information about the tax exemption for cycles and cycling equipment in the context of salary sacrifice schemes. As the amendments are significant, we have amended further our recently published Employer FAQ on this subject and included it in this newsletter.
On a related subject, Budget 2010 announced that the statutory exemption for both childcare vouchers and for directly-contracted childcare schemes would be amended in the 2010 Finance Bill so that, with retrospective effect from the 2005/06 tax year onwards, the “generally available” condition would not apply in the case of relevant low-paid employees where the childcare or vouchers are provided through a salary sacrifice arrangement. Employers for whom this is an issue should note that, in the event, the Finance Act 2010 does not contain this change.
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