Personal tax – policy paper

Income Tax: exemption for trivial benefits in kind

This applies to Individuals who pay Income Tax and Class 1 National Insurance contributions (NICs) on low value benefits-in-kind (BiKs).

Documents

Draft clause 8

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Draft explanatory notes clause 8

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Detail

This legislation will exempt from Income Tax and NICs low-value BiKs which meet certain qualifying conditions including a £50 limit per individual BiK. Qualifying ‘trivial’ BiKs provided to directors, office holders of close companies, or to their families or households, will be subject to an annual cap of £300.