Finance Act 2015

12 Abolition of dispensation regime

(1) ITEPA 2003 is amended as follows.

(2) Omit section 65 (dispensations relating to benefits for certain employees).

(3) Omit section 96 (dispensations relating to vouchers or credit-tokens).

(4) Accordingly—

(a) in section 95 (disregard for money, services or goods obtained), omit subsection (1)(b) and the “or” before it, and

(b) in Schedule 7 (transitionals and savings), omit paragraphs 15, 16, 19 and 20 and the italic headings before paragraphs 15 and 19.

(5) The amendments made by this section have effect for the tax year 2016-17 and subsequent tax years.

(6) The repeal of sections 65 and 96 of ITEPA 2003 does not affect the power of an officer of Revenue and Customs to revoke a pre-commencement dispensation from a date earlier than 6 April 2016.

(7) Accordingly, sections 65(6) to (9) and 96(5) to (8) of ITEPA 2003 continue to have effect in relation to a pre-commencement dispensation.

(8) In this section “pre-commencement dispensation” means a dispensation given (or treated as given) under section 65 or 96 of ITEPA 2003 which is in force immediately before 6 April 2016.