A nice thought, and it can be achieved in specific circumstances whereas basically any benefit in kind obtained from your employer or business contact is taxable.
The point is that certain gifts from a third party such as a supplier or customer are exempt from tax. The list is short, not surprisingly, and if the cost of all gifts made by the donor to the same person exceeds £250 in the tax year there is no exemption. However, if the gift counts as entertainment there is no monetary limit so this could cover tickets for the Olympics. Furthermore, the exemption applies to members of the individual’s family as well.
Care is needed in the detail and we will be pleased to advise.
A possible tax-free perk
News: November 2011
A possible tax-free perk
A nice thought, and it can be achieved in specific circumstances whereas basically any benefit in kind obtained from your employer or business contact is taxable.
The point is that certain gifts from a third party such as a supplier or customer are exempt from tax. The list is short, not surprisingly, and if the cost of all gifts made by the donor to the same person exceeds £250 in the tax year there is no exemption. However, if the gift counts as entertainment there is no monetary limit so this could cover tickets for the Olympics. Furthermore, the exemption applies to members of the individual’s family as well.
Care is needed in the detail and we will be pleased to advise.
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