Income Tax (Earnings and Pensions) Act 2003 section 716

Alteration of amounts by Treasury order

Section 716 gives the Treasury the power to increase specified monetary limits and thresholds set out in various employment income provisions of the Act by statutory order.

• The Treasury may increase (or further increase) the monetary amounts in a defined list of employment income provisions covering expenses, exemptions, benefits and gifts
• The provisions affected include limits on advances for necessary expenses, incidental overnight expenses, annual parties, removal benefits, suggestion and long service awards, trivial benefits, small third-party gifts, and business entertainment exceptions
• For incidental overnight expenses, the order may specify how earnings received on or after the order's effective date are to be treated
• For removal benefits and expenses, the increased limit applies where the employee's change of employment occurs on or after the date specified in the order