Salary sacrifice scheme provider Fleet Evolution says it is thrilled salary sacrifice programmes have remained untouched in the Chancellor's emergency budget.
Andrew Leech, director of Fleet Evolution, said: “The new Budget was definitely a pro-motoring one – we feel the Chancellor has definitely recognised the positive effect cars and fleets have on the Treasury’s accounts! Tax loopholes allowing umbrella companies to offer tax savings will be closed, and we’re thrilled that salary sacrifice schemes will remain untouched.”
The announcement comes after a nerve-wracking few weeks for salary sacrifice experts, after rumours that the Chancellor would tackle salary sacrifice in his summer Budget. There was speculation Osborne would impose tighter restrictions on salary sacrifice, but the Chancellor has decided to focus on tax avoidance rather than tax efficiency.
He added: “With the fuel duty price freezes and the brand new Roads Fund that is set to overhaul our crumbling highways and motorways, motorists and fleet managers across the country will be rightly thrilled with these elements of this year’s Budget.”