How to give employees a chance of tax-free bonanza

If you are wondering how to reward your staff this year, one growing trend seems to be to give them Prize Bonds

If you are wondering how to reward your staff this year, one growing trend seems to be to give them Prize Bonds. The bonds, which can be bought for a minimum of £10, can be purchased from post offices. Employees then have the option of holding on to them with the hope of becoming a prize winner in the bumper draws or cashing them in tax free. Alternatively, companies can buy Prize Bonds for a staff social fund, where employees benefit from the prizes, which are also tax free.

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up to the Business Today newsletter for the latest new and commentary in your inbox

  • Listen to Inside Business podcast for a look at business and economics from an Irish perspective