The UK government is working hard to help support High Street businesses and the countless thousands of people who rely on them for their jobs. By making a simple change to the Trivial Benefits Allowance rules they could, at a stroke drive £Ms of additional spend into town centre businesses.
Employers are increasingly using gift cards for employee rewards. Currently anything over £50 is subject to tax. In Ireland this threshold is €500 and employers take full advantage of it to reward their staff and this money is then spent in Irish businesses. GCVA research shows that 98% of gift cards are spent within a year of being received (50% within days), meaning the boost will have an immediate effect.
By adding a simple zero to the existing tax limit, moving from £50 to £500, we could do the same here at a time when it’s needed most.
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