Part 3 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Chapter 2 OTHER PROVISIONS
Other relieving provisions
73 Deductions for business gifts: yearly limit
1
Section 577 of the Taxes Act 1988 (prohibition on deduction of expenses in providing business entertainment or gifts) is amended as follows.
2
In subsection (8)(b) (under which gifts not amounting to more than £10 in any year are disregarded)—
F1a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
for “£10” substitute “£50”.
F23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
This section applies in relation to the year 2001-02 and subsequent years of assessment or, in the case of companies, in relation to accounting periods beginning on or after 1st April 2001.