Author: JP / / Latest News
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).