Income Tax (Exemption of Minor Benefits) (Amendment) Regulations 2004 come into force

Implementation date: 14 December 2004

The Income Tax (Earnings and Pensions) Act 2003 provides that employment-related benefits given by an employer are chargeable to income tax. The Act provides that the Treasury may exempt minor benefits. The Regulations amend the Income Tax (Exemption of Minor Benefits) Regulations 2002 to provide an exemption in respect of the provision of pensions information or advice which the employer may provide to an employee. The exemption applies only to the extent that the cost of providing the information or advice does not exceed £150 in total in respect of any employee in any year of assessment. The Regulations can be viewed on the OPSI website.
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