Commentary on Sections Example 3 £150(Pe) – £50(E) = £100 Section 270: Exemption for small gifts of vouchers and tokens from third parties
1102.This section provides there is no liability to tax by virtue of Chapter 4 of Part 3, in respect of small gifts from third parties which take the form of a non-cash voucher or credit-token, where conditions are satisfied. It derives from ESC A70A and is a minor change to the law. See Change 59 in Annex 1.
1103.Subsection (1) sets out the terms of the exemption where the conditions are satisfied.
1104.Subsections (2) to (4) set out the conditions, in part by cross-reference to the provisions of section 324 (small gifts from third parties).