A. No, but it is possible to make tax free non-cash awards to employees with not less than 20 years’ service provided the value of the award does not exceed £50 for each year of service for which the employee is being rewarded (which is probably the source of the £1,000 figure you were given). This rule does not apply if there has been a previous award by the same employer in the previous ten years.
In broad terms, the award may take the form of tangible moveable property, shares in a company which is, or belongs to the same group as the employer or the provision of any other benefit except cash, cash vouchers, credit tokens, securities or shares other than those previously described.
If you have a tax query, why not contact the Tax Advice Line on 0844 892 2470 to discuss it. Our team of experts have a wealth of experience and can also provide a written consultancy service at £180 per hour plus VAT.
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