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Benefit In Kind... Gift due to long service

Blub123 · 2020-08-16 17:46:02

Hi Recently hit a milestone with respect of the NR of years with my current employer. Have been advised that the company wishes to mark the milestone thru the purchase of a watch for me. Value will be circa 4 k. In terms of BIK, is this something that would need to be declared and therefore I'd be subject to tax on it?…

16-08-2020 5:46pm

#1

Blub123

Registered Users, Registered Users 2 Posts: 190 ✭✭

Join Date: September 2019

Posts: 126

Hi
Recently hit a milestone with respect of the NR of years with my current employer.
Have been advised that the company wishes to mark the milestone thru the purchase of a watch for me. Value will be circa 4 k.
In terms of BIK, is this something that would need to be declared and therefore I'd be subject to tax on it?

Thanks

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Comments

#2 16-08-2020 6:10pm

lashes34

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Of course it would be liable to BIK, how could it not? Its related to employment, tax has to be paid.

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#3 16-08-2020 6:18pm

Three More Big Sleeps

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Posts: 704

For reference, Blub...

https://www.revenue.ie/en/employing-people/benefit-in-kind-for-employers/other-benefits/service-and-performance-schemes-and-awards.aspx

Nevermind the other three conditions, you're snookered on condition 3.

0
#4 16-08-2020 8:33pm

Marcusm

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Posts: 10730

Many employers gross up long service awards and settle the tax themselves such that the employee receives the gift without any tax or PRSI costs.

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