Following consultation earlier in the year, the final regulations setting out the standard allowances for the purposes of the new exemption have been published.
The new business expenses exemption takes effect from 6 April 2016. These latest regulations define a standard meal allowance for the purpose of the exemption, and are unchanged from the version published for consultation earlier in the year.
The regulations set out the following standard allowances (all of which must relate to ‘qualifying travel’ – i.e travel that itself qualifies as a tax-deductible expense):
“One meal allowance per day paid in respect of one instance of qualifying travel, the amount of which does not exceed—
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