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The Financial Ombudsman Service has issued a table showing the number of complaints lodged against financial advisers. The three worst offenders were Sesame, the adviser network, which accounted for 160 complaints, and restricted advisers Openwork and St James’s...

Pensions advice allowance

Under proposals published by HM Treasury, pension savers would be permitted to draw £500 tax-free from their personal pensions to pay for advice on retirement planning. No decision has yet been taken as to the minimum age at which the withdrawal could be made, but...

Tax-assisted cycling

Employers with an interest in their employees’ health can also provide a useful tax incentive by participating in the government’s Cycle to Work scheme. The scheme involves employers buying a bike on an employee’s behalf and charging the employee for its use. The...

Tax-assisted childcare

The tax-advantaged arrangements for childcare are about to change. Currently, parents who are employed are able to claim a childcare tax credit or to buy childcare vouchers, with the cost being deducted from their salary before tax is charged. However, no such scheme...

Closing tax loopholes

HM Revenue & Customs is concerned about the extent to which employers are assisting their employees to reduce their liability to income tax and National Insurance contributions by offering benefits in kind in lieu of salary. It is proposing that with effect from...