The general rules concerning the Inland Revenue Taxation implication on Long Service and Loyalty Awards are fairly straight forward: Employers and Employees are exempt from tax if: 20 Years of continuous service with the same company or subsidiaries of that company. Value of award does not exceed £50.00 for each year of service Must be tangible, normally in the form of a Gift, a non cash Voucher but can be shares in the Company Anything outside this and the excess is taxable which can be paid by the Employer under a  PAYE  settlement agreement. There is no exemption for Cash … Continue reading →