The GCVA (Gift Card & Voucher Association) are asking the government to raise the tax-free limit to £500 from £50, following the example of similar initiatives in Ireland and Sweden. This is a simple solution to increase the tax-free limit of gift cards given as employee rewards.
The Government needs to give a boost to the UK economy and encourage people to start spending. Cash handouts and grants don’t work – these often end up being used as savings or pay off debts.
Currently businesses can only give a tax-free gift of just £50 to their employees (HMRC Trivial Benefits Allowances)
Gift cards can be spent across the high street – retail, leisure & entertainment – in outlets both large and small. GCVA research shows that 98% of gift cards are spent within a year of being received (50% within days), meaning the boost will be immediate.
Please sign, share & support this petition you will be joining the industry lobbying the government to raise this allowance permanently, enabling to reward employees whilst also driving sales for businesses across the high street. Win Win.