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Income Tax (Earnings and Pensions) Act 2003, Section 88 is up to date with all changes known to be in force on or before 26 August 2024. 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.
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(1)In the case of a non-cash voucher other than a cheque voucher, the amount treated as earnings under section 87 [F1or 87A] is to be treated as received—
(a)in the tax year in which the cost of provision is incurred, or
(b)if later, in the tax year in which the voucher is received by the employee.
(2)In the case of a cheque voucher, the amount treated as earnings under section 87 [F2or 87A] is to be treated as received in the tax year in which the voucher is handed over in exchange for money, goods or services.
(3)[F3For the purposes of subsection (2) and sections 87(2B) and 87A(6),] Where a cheque voucher is posted it is to be treated as handed over at the time of posting.
Textual Amendments
F1Words in s. 88(1) inserted (with effect in accordance with Sch. 2 para. 62 of the amending Act) by Finance Act 2017 (c. 10), Sch. 2 para. 5(a)
F2Words in s. 88(2) inserted (with effect in accordance with Sch. 2 para. 62 of the amending Act) by Finance Act 2017 (c. 10), Sch. 2 para. 5(b)
F3Words in s. 88(3) inserted (with effect in accordance with s. 1(14) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 1(3)
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