Autumn Statement: What it means for HR

The first and, it was revealed, last Autumn Statement by Chancellor of the Exchequer and MP for Runnymede and Weybridge, Philip Hammond is still being digested, but there were a few announcements that HR should keep an eye on.

Salary sacrifice scheme

The most obvious change is salary sacrifice schemes; pension contributions, ultra-low emission vehicles (ULEVs), cycle to work schemes, and childcare vouchers will not be impacted by the new rules.

Mark Groom, Tax Partner at Deloitte, says: “The impact of the changes will be greater on benefits with low statutory tax values, such as benefits that are exempt from tax, including workplace gyms, car parking, and death in service policies.