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Changes over time for: Section 94


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 02/12/2019.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 94 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.

Changes to Legislation
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94Benefit of credit-token treated as earningsU.K.
This section has no associated Explanatory Notes
(1)On each occasion on which a credit-token to which this Chapter applies is used by the employee in a tax year to obtain money, goods or services, the cash equivalent of the benefit of the token is to be treated as earnings from the employment for that year.
(2)The cash equivalent is the difference between—
(a)the cost of provision, and
(b)any part of that cost made good by the [employee—
(i)to the person incurring it, and
(ii)on or before 6 July following the tax year which contains the occasion in question.]
(3)In this section the “cost of provision” means the expense incurred—
(a)in or in connection with the provision of the money, goods or services obtained on the occasion in question, and
(b)by the person at whose cost they are provided.
(4)If a person incurs expense in or in connection with the provision of credit-tokens 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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