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LINDA PULLAN provides a seasonal reminder of the liabilities that can arise from Christmas parties and gifts
KEY POINTS
- The exemption for parties and events.
- Gifts and ‘trivial’ benefits.
- Vouchers and the consequent taxable benefits.
- Discounted goods and third party gifts.
- Using a PAYE settlement agreement.
As the festive season approaches many organisations will be planning various celebrations either by organising a party or lunch for their employees or perhaps providing them with a gift.
Of course such celebrations and gifts are not confined to this time of the year and the rules regarding tax and National Insurance are the same all year round.
So let’s begin by examining the tax position for the provision of a Christmas or annual party.
First of all there is a special tax exemption under ITEPA 2003 s 264 which allows employers to have one or more...
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