The Income Tax (Exemption of Minor Benefits) (Increase in Sums of Money) Order 2003
The Income Tax (Earnings and Pensions) Act 2003 (2003 c. 1: “the Act”) provides for taxation of employment-related benefits given to an employee save where those benefits are specifically exempted. Subsections (2) and (3) of section 264 of the Act exempt annual functions and parties. Subsections (1) and (2) of section 323 of the Act exempt long service awards. Section 324(6) of the Act exempts small gifts given by third parties to employees. In all three cases, the exemptions are subject to financial limits set out in the Act.