Tax relief on membership
The IBMS subscription is approved by the Board of the Inland Revenue as an allowable deduction under section 201 of the Income & Corporation Taxes Act 1988.
To make a claim you will need to send form P358 with your self assessment return, if you make this annually, or you can send it directly to your local tax office. Forms are available from the HM Revenue & Customs.
As an employee you may be able to reduce your tax bill by getting tax relief on any professional fees and subscriptions you pay. You can go back several years to get the relief - the time you've got depends on whether you've previously sent in a Self Assessment tax return.
Please note that enquiries on tax relief should be made to HM Revenue and Customs and not the Institute.
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