Statutory Instruments
2003 No. 1361
INCOME TAX
The Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003
Made
22nd May 2003
Laid before the House of Commons
23rd May 2003
Coming into force
13th June 2003
The Treasury, in exercise of the powers conferred upon them by section 716 of the Income Tax (Earnings and Pensions) Act 2003( 1 ), hereby make the following Order:
Citation, commencement, effect and interpretation
1. —(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 .
Exemption in respect of annual parties and functions
2. In section 264(2) and (3) of the Act for “£75” in each place where it occurs substitute “£150”.
Exemption in respect of long service awards
3. In section 323(2) of the Act for “£20” substitute “£50”.
Exemption in respect of small gifts from third parties
4. In section 324(6) of the Act for “£150” substitute “£250”.
Nick Ainger
John Heppell
Two of the Lords Commissioners of Her Majesty’s Treasury
22nd May 2003