Save up to 57% on Long Service Awards

June 15th, 2017
Ann Lyons by Ann Lyons

Revenue offers tax-relief on long service awards, when the awards take the form of tangible gifts. This represents up to 57% savings over long service awards made in the form of cash or vouchers.

Revenue rules

You may make a long service award to your employee. This award is not a benefit in kind, if it meets all of the following conditions:

  • the award is made to mark long service of not less than 20 years
  • the award is tangible (that is, not vouchers, bonds or cash)
  • the cost is not more than €50 for each year of service
  • no similar award has been made to the employee within the previous five years.

 

What is the allowance?

Employees with long service are allowed tax free tangible gifts up to a maximum of €50 for each year of service, starting at 20 years of service and every 5 years thereafter:

Service Cash Vouchers  Gifts  Allowance
20 yrs Taxed Taxed Tax-Free Up to €1000
25 yrs Taxed Taxed Tax-Free Up to €1,250
30 yrs Taxed Taxed Tax-Free Up to €1,500
35 yrs Taxed Taxed Tax-Free Up to €1,750
40 yrs Taxed Taxed Tax-Free Up to €2,000

 

Gift Innovations offers a wide range of service award gifts that you and your employees will love. Contact us for details on our latest range of gifts and a live demonstration of our rewards portal.

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