9. After regulation 61L (modification of the general rule: failure to make good fuel benefit) insert—
61LA.—(1) This regulation applies where the specified benefit is a credit-token and the specified employee has not made all of the making good payments referred to in regulation 61G(2)(b) before 1st June following the end of the tax year (“tax year 1”) in which the credit-token was used.
(2) Before making the first main relevant payment after 1st June in the following tax year (“the first main relevant payment in tax year 2”) the authorised employer must take the following steps—
Step 1
Calculate the outstanding taxable amount of the benefit of the credit-token used in tax year 1 by-
(a)determining the cash equivalent of the benefit of the credit-token used in that tax year in accordance with section 94 ITEPA;
(b)subtracting from that amount the cash equivalent of the benefit of the credit-token used as determined under step 1 of regulation 61I(2) as modified by regulation 61J(3) during that tax year.
Step 2
Add the amount obtained from step 1 to the first main relevant payment in tax year 2 and apply step 5 of regulation 61D(1) to that amount.
(3) Where this regulation applies regulation 61G(2)(b) does not apply in respect of credit-tokens used in tax year 2.”