Nine out of 10 UK finance directors have refused to increase spend on their parties, despite the chancellor’s 2003 announcement that tax breaks would double to £150 per person.
A mere 6% of 184 respondents to the latest Accountancy Age/Reed Finance Big Question survey will take advantage of the tax break to increase spending on office festivities.
Several said their organisation already spent too much on staff. ‘They always spend far too much on the Christmas do anyway,’ said one FD. ‘Well over the amounts that the tax breaks would have made a difference to.’
Another said: ‘Things will have to improve business-wise before our company has any feel-good factor.’
But not all overworked accountants will lack ‘mistletoe and wine’ in the coming weeks. One FD said the tax breaks ‘eased the guilt’ of previous years’ overspend.
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