Asda and Panasonic have communicated next month’s changes to childcare vouchers tax relief to staff.
From 6 April 2011, only basic-rate taxpayers will receive full tax and national insurance (NI) relief on up to £55 a week. Tax relief will be restricted to £28 for 40% and £22 for 50% taxpayers, when staff take up the benefit from this date.
Asda, which offers vouchers to 175,000 staff, is communicating the change via newsletters, posters and its intranet. Since November, take-up has risen nearly 10%.
Panasonic has also been making staff aware they should act now. Compensation and benefits adviser Lee Smith said: “On our intranet, we are telling staff of the deadline to avoid extra charges.”
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