Finance Act 2017 (c. 10)

SCHEDULES

SCHEDULE 2 U.K. Optional remuneration arrangements

Other amendments U.K.

50 (1) Section 19 of ITEPA 2003 (receipt of non-money earnings) is amended as follows. U.K.

(2) In subsection (2), after “94” insert “ or 94A ”.

(3) In subsection (3), after “87” insert “ or 87A ”.

51 U.K. In section 95 of ITEPA 2003 (disregard for money, goods or services obtained), in subsection (1), in the words before paragraph (a), after “credit-token” insert “ or the relevant amount in respect of a cash voucher, a non-cash voucher or a credit-token ”.

52 (1) In section 236 of ITEPA 2003 (interpretation of Chapter 2 of Part 4: exemptions for mileage allowance relief etc), in subsection (2)(b)— U.K.

(a) in the words before sub-paragraph (i), for “the cash equivalent of” substitute “ an amount in respect of ”;

(b) in sub-paragraph (i), after “120” insert “ or 120A ”;

(c) in sub-paragraph (ii), after “154” insert “ or 154A ”;

(d) in sub-paragraph (iii), after “203” insert “ or 203A ”.

(2) In section 236 of ITEPA 2003 (interpretation of Chapter 2 of Part 4), in subsection (2)(c), for “the cash equivalent of” substitute “ an amount in respect of ”.

53 (1) Section 239 of ITEPA 2003 (payments and benefits connected with taxable cars and vans etc) is amended as follows. U.K.

(2) In subsection (3)—

(a) after “149” insert “ or 149A ”;

(b) after “160” insert “ or 160A ”.

(3) In subsection (6), for “the cash equivalent of” substitute “ an amount (whether the cash equivalent or the relevant amount) in respect of ”.

54 U.K. In section 362 of ITEPA 2003 (deductions where non-cash voucher provided), in subsection (1)(a), for “87(1) (cash equivalent” substitute “ 87(1) or 87A(1) (amount in respect ”.

55 U.K. In section 318A of ITEPA 2003 (childcare: limited exemption for other care), in subsection (1)(b), for “cash equivalent of the benefit” substitute “ amount treated as earnings in respect of the benefit by virtue of section 203(1) or 203A(1) (as the case may be) ”.

56 U.K. In section 363 of ITEPA 2003 (deductions where credit-token provided), in subsection (1)(a), for “94(1) (cash equivalent” substitute “ 94(1) or 94A(1) (amount in respect ”.

57 U.K. In section 693 of ITEPA 2003 (cash vouchers), in subsection (1), for “section 81(2)” substitute “ subsection (2) of, or (as the case may be) referred to in subsection (1A)(b) of, section 81 ”.

58 U.K. In section 694 of ITEPA 2003 (non-cash vouchers), in subsection (1), after “87(2)” insert “ or 87A(4) ”.

59 U.K. In section 695 of ITEPA 2003 (benefit of credit-token treated as earnings), after subsection (1) insert—

“(1A) If the credit-token is provided pursuant to optional remuneration arrangements, the reference in subsection (1) to the amount ascertained under section 94(2) is to be read as a reference to what that amount would be were the credit-token provided otherwise than pursuant to optional remuneration arrangements.

In this subsection “optional remuneration arrangements” is to be interpreted in accordance with section 69A.”

60 U.K. In Part 2 of Schedule 1 to ITEPA 2003 (index of defined expressions), at the appropriate places insert—

“amount foregone (in relation to a benefit) (in the benefits code)

section 69B”

“optional remuneration arrangements (in the benefits code)

section 69A”

61 U.K. In Part 2 of Schedule 1 to ITEPA 2003 (index of defined expressions), in the entry relating to “the taxable period”, for “102(2)” substitute “ 102(1) ”.