- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2003
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After section 203F of the Taxes Act 1988 (which is inserted by section 127 above) there shall be inserted—
(1)Where a non-cash voucher to which this section applies is received by an employee, the employer shall be treated, for the purposes of PAYE regulations, as making a payment of assessable income of the employee of an amount equal to the amount ascertained in accordance with section 141(1)(a).
(2)This section applies to a non-cash voucher to which section 141(1) applies if—
(a)either of the two conditions set out below is fulfilled with respect to the voucher; and
(b)the voucher is not of a description for the time being excluded from the scope of this section by PAYE regulations.
(3)The first condition is fulfilled with respect to a voucher if it is capable of being exchanged for goods—
(a)which, at the time when the voucher is provided, are capable of being sold or otherwise realised on an exchange or market falling within section 203F(2)(a) or (b); or
(b)for which, at the time when the voucher is provided, trading arrangements exist.
(4)The second condition is fulfilled with respect to a voucher if, at the time when the voucher is provided, the voucher itself—
(a)is capable of being sold or otherwise realised on an exchange or market falling within section 203F(2)(a) or (b); or
(b)is a voucher for which trading arrangements exist.”
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