UK: BVEP Calls for Doubled Holiday Party Tax Exemption
The Business Visits and Events Partnership (BVEP) is bidding to secure a Christmas present for the events industry by doubling the tax exemption for staff parties.
Currently, if an employer provides an annual function for employees, the event is exempt from tax as long as the cost of the event does not exceed £150 per head. Before 2003 the figure was £75 per head.
Now BVEP has written to the chancellor George Osborne calling for the figure to double again, to £300.
Speaking at the National Events Month Celebration Event at the Museum of London, BVEP chair Michael Hirst said: “We’ve written to the Chancellor of the Exchequer to ask him to raise the current level of tax exemption to £300. It hasn’t changed in more than ten years.”
For a party to be exempt from tax, the event must be a recurring annual event (ie, not a one-off), open to all employees, and the total cost per head must not exceed £150.