In the Budget, the government committed to raising the limit for employers arranging financial advice for their people, without it impacting tax and NI, to £500 per employee.

This followed a recommendation made by HM Treasury and the Financial Conduct Authority in their Financial Advice Market Review, which recognised that more people now need more guidance and advice, and the workplace is a trusted and effective channel to reach large numbers of these people.

This is a significant increase - the current allowance is £150 per employee - and sends a clear signal to employers to encourage advice arranged in the workplace.