Visit LoveIOM.com for Isle of Man Gift Cards for Hospitality and Accommodation retailers.
Employers wishing to support staff with the rising cost of living may consider offering vouchers that can be redeemed for goods.
Benefit in kind legislation means that gifts of this type, in contrast to monetary payments, can be provided to employees without being subject to income tax and National Insurance deductions.
It is essential that any vouchers can only be redeemed for goods – they cannot be exchanged for cash or be considered as readily-convertible assets by the Income Tax Division.
The limit is £600 and incorporates all benefits provided by an employer in any one tax year. Some employers already use this exemption to reward staff with shopping vouchers.
Treasury Minister Dr Alex Allinson MHK said: ‘We are aware that many employers want to help their staff during what is a challenging period due to rising domestic bills, and this is a way to ensure people can receive the full amount being offered.’
The Expenses and Benefits Guide 2021 (Guidance Note 40) explains the position on all benefits in kind and expenses.
The benefit in kind exemption is based on £600 per employee, per employer. If the aggregate total of benefits provided exceeds £600, the total value of the benefits provided should be charged to income tax and reported in full on form T9.
For further information, contact the Income Tax Division:
Email the Customer Service Team – incometax@itd.treasury.gov.im
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