Delay on introduction of Trivial Benefit Exemption
24 March 2015
In a last minute update, HMRC has advised that as part of the Parliamentary process, Parliament has decided not to legislate for the new exemption to income tax for trivial BiKs in Finance Bill 2015 and instead will legislate in a future Finance Bill. This will mean that the income tax exemption will not come into force from 6 April 2015 as previously advised.
Other changes to benefits and expenses (the abolition of the £8,500 threshold, collection of income tax on BiKs in real time (payrolling) and the paid and reimbursed expenses exemption) will be legislated in Finance Bill 2015, which has been published today. Please follow the link to the Bill for more details http://services.parliament.uk/bills/2014-15/financeno2.html