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Tax relief on subscriptions
Although liability for Income Tax is a matter for negotiation between individuals and their respective Tax Authorities, subscriptions may be allowable as a deductible expense. Some employers have introduced arrangements whereby they will reimburse subscriptions to members who meet certain criteria, e.g. to those who achieve and maintain Chartered Banker status. Members should refer to the appropriate department or area within their own organisation to ascertain if any reimbursement arrangements are currently in force and, of course, if an employer does reimburse a subscription, individual tax relief should not be claimed.
How much can I claim?
You can claim relief on the total amount of your membership, e.g. if you are a higher rate taxpayer and a Fellow you will get tax relief of £72 (40% of £180) and of you are a basic rate taxpayer and a Student Member you will get tax relief of £18 (20% of £90).
How to claim
In order to claim tax relief, you will need to request a receipt for your membership payment from email@example.com , which you can then submit to the tax office with your tax return. If you don't complete a tax return, you can make a claim by writing or phoning your local tax office (your employer will be able to give you the address and reference).
For more information about tax relief for professional fees and subscriptions, visit http://www.hmrc.gov.uk/incometax/relief-subs.htm.
“We rely on the broad range of skills that the Institute provides.”
Jim Lindsay, General Manager, Airdrie Savings Bank