Glossary · UK
What is Long Service Award Exemption?
A tax exemption for non-cash awards recognising an employee's long service.
Full Definition
A long service award can be given tax-free to an employee marking a significant period of service (generally at least 20 years), provided it takes the form of a tangible non-cash asset (such as a piece of jewellery or shares, rather than cash or vouchers), its cost stays within a set per-year-of-service limit, and no similar award has been given to the same employee within the preceding period.
See Also
Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.