Value of corporate gifts
#1
As it's coming up to Christmas, my firm's planning on sending out gifts to customers. Is there any particular maximum value of gifts that it's allowable to spend (in law)? I've got some nagging thought in mind that high value gifts could be construed as bribes. Clearly we want to avoid any such suggestion.
I think the figure is £50/year to a person. Does anyone know for sure? Does it matter on the industry concerned?
I think the figure is £50/year to a person. Does anyone know for sure? Does it matter on the industry concerned?
#3
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AFAIK different organisations have different rules. When I worked in local authority they used to have a "charity box" where you were encouraged to place any gifts that you received. In reality people only took advantage of this facility if they were given something they had no use for. I would usually get a few nice bottles of scotch to supplement my xmas drinking; and b*llocks to the mayor's charity.
#4
Fatman,
Where I work (big oil company) the guideline is $150 per source per year, giving or receiving. I'll send you the policy. We also enter all gifts, meals, entertainment offered, whether we accept or not; on a register.
hope this helps,
DB
Where I work (big oil company) the guideline is $150 per source per year, giving or receiving. I'll send you the policy. We also enter all gifts, meals, entertainment offered, whether we accept or not; on a register.
hope this helps,
DB
#6
Thanks gents. I've seen references to industry-specific limits. However, I'm pretty certain that there's a limit set in statute. Anyone know how to find out if that is true, and what the limit is?
#7
The limit may have something to do with taxable benefit? May be the inland revenue have information?
I know at Asda employees are made to put all gifts into a central resource. They then sell raffle tickets at Christmas in aid of Children in need and there are many winners of some great prizes.
I know at Asda employees are made to put all gifts into a central resource. They then sell raffle tickets at Christmas in aid of Children in need and there are many winners of some great prizes.
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#8
I think the Revenue have limits on the value of gifts given by a company that can be claimed as a business expense in the Corporation Tax computations.
It's been a long time since I sat any tax exams so my recollection of this is a bit vague - I think the limit was £50 (although this may have been the amount you used to be able to spend on staff without it being taxable)
Not too sure that this helps you much
It's been a long time since I sat any tax exams so my recollection of this is a bit vague - I think the limit was £50 (although this may have been the amount you used to be able to spend on staff without it being taxable)
Not too sure that this helps you much
#12
We're sending champagne, although I won't even get a bottle myself Sorry blair - don't think there's going to be any spares.
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