Increase tax free allowance on gift cards to £500 & kickstart the UK high street economy

Increase tax free allowance on gift cards to £500 & kickstart the UK high street economy

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Employers are increasingly using gift cards to reward their staff. Currently, anything over £50 is subject to tax (HMRC Trivial Benefits Allowance) and we are asking the government to raise this tax-free limit to £500.

The move would bring us into line with other countries such as Ireland and Sweden.

The UK high street – and the countless thousands of jobs which depend on its success – are in desperate need of support to encourage people to start spending. Cash handouts and grants don’t work – these often end up being used as savings or to pay off debts.

Gift cards can be spent across the high street – retail, leisure & entertainment – in outlets both large, small & local. Our research shows that 98% of gift cards are spent within a year of being received (50% within days), meaning the boost will have an immediate effect.

This is a simple & quick solution to get spending flowing again, rewarding employees and supporting jobs.

By signing this petition, you will join the GCVA in lobbying the government to raise this allowance permanently, allowing employees to be rewarded whilst also driving sales for businesses across the UK. Win Win.