Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003 comes into force

The Income Tax (Earnings and Pensions) Act 2003 provides for taxation of employment-related benefits given to an employee save where those benefits are specifically exempted. The Act exempts annual functions and parties; long service awards; and small gifts given by third parties to employees. In all three cases, the exemptions are subject to financial limits set out in the Act. The Regulations increase the exempt limits in respect these items. The Order can be viewed on the OPSI website.