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Author: JP / / Latest News

Trivial Benefits to Employees – Budget Update

Our previous article advised about the new exemption of upto £50 per gift/benefit provided to employees, with theoretically no overall limit on the number of gifts in a tax year.

In his budget last month, the Chancellor announced that there would be an overall limit of £300 per annum on such gifts/benefits provided by close companies (those with 5 or fewer shareholders) to Directors and other Office Holders and for members of their families who are employees of the company.

This is of course a sensible measure or directors could be buying themselves and their family members unlimited amounts through the company.

The statutory exemption is also not to apply now until 6 April 2016 (rather than 6 April 2015 as previously announced).

 

 

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