The Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) (Amendment) Regulations, SI 2016/1036, exempt low value benefits in kind provided by an employer to a former employee through an employer financed retirement benefits scheme. The regulations come into force on 1 December 2016 and have effect for 2016/17 and subsequent tax years.
Finance Act 2016 included legislation to exempt from income tax trivial benefits in kind costing £50 or less. An annual cap of £300 will apply to the amount of exempt trivial benefits in kind that can be provided to directors and other office holders of close companies, or to members of their families or households.
HMRC consulted on a draft of the regulations between December 2015 and February 2016.
The Employer-Financed Retirement Benefits (Excluded Benefits for Tax Purposes) (Amendment) Regulations, SI 2016/1036, exempt low value benefits in kind provided by an employer to a former employee through an employer financed retirement benefits scheme. The regulations come into force on 1 December 2016 and have effect for 2016/17 and subsequent tax years.
Finance Act 2016 included legislation to exempt from income tax trivial benefits in kind costing £50 or less. An annual cap of £300 will apply to the amount of exempt trivial benefits in kind that can be provided to directors and other office holders of close companies, or to members of their families or households.
HMRC consulted on a draft of the regulations between December 2015 and February 2016.
