Benefit-in-kind (BIK) changes during COVID-19 restrictions
Small Benefit Exemption
The condition that only one incentive be issued per year is waived if you want to recognise the efforts of your employees working during the COVID-19 crisis. You can either:
- accelerate part of an incentive usually paid later in the year
- make an additional award.
If more than two incentives are issued, it is only the first two which may qualify for the Small Benefit Exemption.
This concession applied for the 2020 and 2021 years of assessment and will continue for 2022.
All other conditions of the section must be met. For example, the maximum (cumulative) value of the two incentives cannot exceed €500. However, as stated above, the requirement to only issue one incentive will be waived. If you avail of this concession, you must retain the appropriate documentation.
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