Trivial benefits for multiple close companies

Can a director claim more than £300 in trivial benefits if they have multiple companies?

Didn't find your answer?

Not sure if this has been asked before, but I can't find an answer anywhere. If a director is a director of multiple close limited companies then could they claim trivial benefits up to £300 per tax year per company or is this restricted by director per tax year to £300? As it runs in line with the personal tax year, I presume it is per director as an exemption from paying BIK tax but it is not 100% clear.

Any help would be appreciated,

Thanks

Replies (5)

Please login or register to join the discussion.

Scooby
By gainsborough
24th Feb 2021 11:46

See ITEPA 2003 s323B and Tim Good's interpretation of it 5.12.17 on this thread https://www.accountingweb.co.uk/tax/business-tax/trivial-benefits-far-fr...

Thanks (1)
Replying to gainsborough:
avatar
By Emmamay106
24th Feb 2021 11:57

Thanks, so looks like they can claim per company "The £300 annual limit for close company directors is in s323B ITEPA 2003 and is determined for "an employee of an employer". So, in my opinion, each employer can provide up to the £300 limit for close company directors." nice!

Thanks (0)
Replying to Emmamay106:
Scooby
By gainsborough
24th Feb 2021 12:07

My opinion too, so at least that makes 3 of us reading the legislation the same way!

Thanks (0)
avatar
By Paul Crowley
24th Feb 2021 13:18

I also agree
Even the idea on anti avoidance measures on trivial items that have already been restricted for directors would seem heavy handed

Thanks (1)
the sea otter
By memyself-eye
25th Feb 2021 09:10

Me too, that's five!

Thanks (0)