The Gift of Zero...

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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