Following a letter written by chairman Michael Hirst to the Government in March, the Business Visits & Events Partnership (BVEP) has made an official submission to David Gauke MP, Treasury Minister.
At present, businesses get a £150 tax exemption on employee benefits relating to annual staff functions. However, the BVEP is calling for this to be doubled. Designed to incentivise workers and support the events and hospitality industry, the organisation has argued it will provide an economic boost.
Though the suggestion has previously been considered, it has never been adopted. "We’re hoping this will be third time lucky" said 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."
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