Income Tax (Earnings and Pensions) Act 2003 (c. 1)

Part 3 U.K. Employment income: earnings and benefits etc. treated as earnings

Chapter 4 U.K. Taxable benefits: vouchers and credit-tokens

Benefit of cash voucher treated as earnings U.K.

81 Benefit of cash voucher treated as earnings U.K.

(1) The cash equivalent of the benefit of a cash voucher to which this Chapter applies is to be treated as earnings from the employment for the tax year in which the voucher is received by the employee.

(2) The cash equivalent is the sum of money for which the voucher is capable of being exchanged.