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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Cross Heading: Meaning of “cash voucher”

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Point in time view as at 02/12/2019.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Meaning of “cash voucher” is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Meaning of “cash voucher”U.K.

75Meaning of “cash voucher”U.K.

(1)In this Chapter “cash voucher” means a voucher, stamp or similar document capable of being exchanged for a sum of money which is—

(a)greater than,

(b)equal to, or

(c)not substantially less than,

the expense incurred by the person at whose cost the voucher, stamp or similar document is provided.

(2)For the purposes of subsection (1) it does not matter whether the document—

(a)is also capable of being exchanged for goods or services;

(b)is capable of being exchanged singly or together with other vouchers, stamps, or documents;

(c)is capable of being exchanged immediately or only after a time.

(3)Subsection (1) is subject to section 76 (sickness benefits-related voucher).

76Sickness benefits-related voucherU.K.

(1)This section applies where—

(a)the expense incurred by the person at whose cost a voucher, stamp or similar document is provided (“the provision expense”) includes costs to that person of providing sickness benefits (“sickness benefits costs”),

(b)the voucher, stamp or document would be a cash voucher (apart from this section) but for the fact that the sum of money for which it is capable of being exchanged (“the exchange sum”) is substantially less than the provision expense, and

(c)the whole or part of the difference between the exchange sum and the provision expense represents the sickness benefits costs.

(2)The voucher, stamp or document is a cash voucher within the meaning of this Chapter if—

or

where—

E is the exchange sum,

PE is the provision expense, and

D is the amount of the difference between E and PE which represents the sickness benefits costs.

(3)In this section “sickness benefits” mean benefits in connection with sickness, personal injury or death.

77Apportionment of cost of provision of voucherU.K.

If a person incurs expense in or in connection with the provision of vouchers, stamps or similar documents for two or more employees as members of a group or class, the expense incurred in respect of one of them is to be such part of that expense as is just and reasonable.

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