What is the de minimis limit?
A. If after you have calculated the benefit it comes to £5,000 or less for the year of assessment, you do not need to declare the benefit as part of your income for that year. If it is more than £5,000 you must declare it as part of your income for that year. Note that if the benefit is more than £5000 the entire amount is taxable and there is no exemption for the first £5000. If both you and your spouse or civil partner are liable for the charge then you each have an exemption of £5000 but you cannot transfer any unused exemption to the other spouse or civil partner.
