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Section 323 ITEPA 2003

An employee receives long service awards from her employer as follows (all the awards are made on or after 13 June 2003):

• after 20 years service, an article costing 拢1,000
• after 30 years service, an article costing 拢500
• after 35 years service, an article costing 拢625
• after 40 years service, an article costing 拢1,000

Exemption is due as follows:

The 20 year award is not taxed. This is the first award received, the 20 year condition is satisfied, and the cost does not exceed 拢50 for each year of service (20 脳 拢50 = 拢1,000). If the article had cost 拢1,500, tax would have been charged on the excess over 拢1,000 (see EIM01501).

The 30 year award is not taxed. It satisfies the conditions for exemption (see EIM01500), and it does not matter that the employee has already received a tax-free award.

The 35 year award is taxed in full. It is within the monetary limit (35 脳 拢50 = 拢1,750), but no exemption is due because the employee received a similar award within the previous 10 years (see EIM01503).

The 40 year award is taxed in full. It is within the monetary limit (40 脳 拢50 = 拢2,000), but no exemption is due because the employee received a similar award within the previous 10 years. The 35 year award is counted even though it was taxed in full.