[F1203H PAYE: credit-tokens.U.K.
(1)Subject to subsection (3) below, on each occasion on which an employee uses a credit-token provided to him by reason of his employment to obtain—
(a)money, or
(b)goods falling within subsection (2) below,
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 142(1)(a).
(2)Goods fall within this subsection if, at the time when they are obtained, they are goods—
(a)which 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 trading arrangements exist.
(3)PAYE regulations may make provision for excluding from the scope of this section any description of use of a credit-token.
(4)In this section “credit-token” has the same meaning as in section 142.]
Textual Amendments
F1S. 203H inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 129