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)—
F1(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
for “£10” substitute “£50”.
F2(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.