The Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003

• Citation: S.I. 2003/1361
• Sections: 4

Section 1 Citation, commencement, effect and interpretation

(1) This Order may be cited as the Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003 and shall come into force on 13th June 2003.

(2) Articles 2 and 4 of this Order have effect for the tax year 2003-04 and subsequent tax years.

(3) In this Order “ the Act ” means the Income Tax (Earnings and Pensions) Act 2003.

Section 2 Exemption in respect of annual parties and functions

In section 264(2) and (3) of the Act for “£75” in each place where it occurs substitute “£150”.

Section 3 Exemption in respect of long service awards

In section 323(2) of the Act for “£20” substitute “£50”.

Section 4 Exemption in respect of small gifts from third parties

In section 324(6) of the Act for “£150” substitute “£250”.