HL Deb 10 November 1992 vol 540 c10WA
Baroness Hamwee

asked Her Majesty's Government:

What would be the comparable salary today, allowing for inflation, of £8,500 taken at the date of the introduction of the regulations for the return of forms P11D relating to employees' benefits.

The Earl of Caithness

The regulations for the return of forms P11D were introduced in 1948. At that time the limit on earnings above which returns for employees had to be made was £2,000. If this was increased in line with average earnings it would now be about £73,000. The limit was increased to £8,500 in 1979–80. If that was increased in line with average earnings it would now be £27,000. Directors are liable to tax on their benefits in kind regardless of the level of their earnings.