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.
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:
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:
|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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