If you gift more than 50 Sterling Pounds per person per year, say for example 75 Sterling pounds will the whole 75 Sterlings be disallowed or up to 50 Sterlings allowed and 25 disallowed.
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TXINDIVIDUAL TAX GIFTS TO CUSTOMERS
Please I need the help of a Tutor on this. Gifts to customers per year per customer if it exceeds 50 Sterling will you get relief up to 50, or the full amount disallowed. Example if the gift is 60 Sterling can you claim 50 and add back only 10.
If the total gifts in the tax year exceeds 50 pounds, it is the full cost of the item that is disallowed, not just the excess.
So if it is 75 pounds, the whole amount of 75 pounds will be disallowed.
So if it is 75 pounds, the whole amount of 75 pounds will be disallowed.
i do agree with shimmer
Thanks everyone! :)
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