PART V PROVISIONS RELATING TO THE SCHEDULE E CHARGE

CHAPTER V ASSESSMENT, COLLECTION, RECOVERY AND APPEALS

F1203G PAYE: non-cash vouchers.

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.