Tax exemptions for minor benefits

As indicated in the April Budget, the following financial limits have been brought into effect by The Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003:

• The exempt annual limit for annual functions and parties increases from £;75 to £;150 from 6 April 2003 onwards
• The permitted maximum for long service awards increases from £;20 to £;50 per year of service, for awards given from 13 June 2003 onwards. (Note that this change does not apply to awards given between 6 April and 12 June 2003.)
• The exempt annual limit for small gifts to employees from a third-party increases from £;150 to £;250 from 6 April 2003 onwards.

(Source: www.inlandrevenue.gov.uk/si/2003-1361.pdf )
...back to 30 May 2003