A submission by the Business Visits and Events Partnership (BVEP) has been made to David Gauke MP, Treasury Minister, as part of the consultation in respect of the Government’s Emergency Budget to be announced on the 8th July 2015.
At the moment businesses enjoy a £150 tax exemption on employee benefits relating to annual staff functions. However the UK events industry is calling for this to be doubled, and for the Treasury to benefit from the inevitable boost in corporate expenditure that this would create for predominantly UK based small businesses. The exemption was last reviewed in 2003 when the exempt charge was raised by £75 to £150.
“We’re hoping this will be third time lucky” says Richard Foulkes, Vice Chairman of the BVEP. “This latest submission follows previous submissions in the Spring Budget and the Autumn Statement. Any increase would support the progress of the Events Strategy which highlighted the value of business events to the UK and sought to grow the number and value of Events held in Britain.