Are gift cards subject to UK tax
Can you use vouchers as tax free rewards for employees in the UK?
My brother has now worked for several big banks, giving him coupons for bonuses (or I think they called them prizes) for achieving goals.
However, I can't find any of this to be legal and I can't believe that multinational banks would do anything that wasn't 100% legal!
I'm pretty sure the coupons couldn't be exchanged for cash (I think they were sold to someone) as they were intended for Love2Shop but could be used in many UK stores.
Which tax loophole do you use for this?
These types of prices ("incentive bonus programs") are tax-free for employees under certain conditions.
You can find the HMRC website here: http://www.hmrc.gov.uk/manuals/eimanual/EIM11200.htm
Follow the first link to the page "EIM11205 - Incentive Reward Programs: Tax Liability on Incentive Rewards". The idea is that the employer pays the tax on the award by concluding a PSA (PAYE Settlement Agreement) so that no tax is due from the employee.
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